Mortgage Amortization Calculator
See a complete breakdown of your mortgage payments over time. Track how your loan balance decreases, understand how much interest you'll pay, and see how extra payments can help you pay off your mortgage faster.
Mortgage Amortization Calculator
See a detailed breakdown of your mortgage payments over time and understand how extra payments can save you money.
Mortgage Amortization Calculator
The length of time to pay off your mortgage.
Mortgage Amortization Results
Amortization Schedule
| Month | Payment | Principal | Interest | Remaining Balance |
|---|---|---|---|---|
| Year 1 Totals | $0.00 | $0.00 | $0.00 | - |
About Mortgage Amortization
Mortgage amortization refers to the process of paying off your mortgage over time through regular payments that include both principal and interest. In the early years of your mortgage, a larger portion of your payment goes toward interest, while in later years, more goes toward principal.
Making extra payments toward the principal can significantly reduce the total interest you pay and help you pay off your mortgage faster. Even small additional monthly payments can save you thousands of dollars over the life of your loan.
This calculator shows you exactly how your payments are applied to principal and interest over time, helping you understand the true cost of your mortgage and the potential benefits of making extra payments.
How to Use This Calculator
This calculator helps you make informed financial decisions by providing accurate estimates based on the information you provide. Follow these steps:
Enter Your Details
Fill in all required fields with your financial information.
Adjust Parameters
Use sliders and toggles to customize scenarios and assumptions.
View Results
Get instant calculations that update as you change inputs.
Compare Options
Try different scenarios to find the best financial solution.
Understanding Amortization
Mortgage amortization is the process of paying off your mortgage through regular payments over time. Each payment is divided between principal (reducing your loan balance) and interest (the cost of borrowing).
How Amortization Works
- Early payments: In the first years of your mortgage, a larger portion of each payment goes toward interest rather than principal
- Later payments: As your loan matures, more of each payment goes toward paying down the principal
- Equal payments: Your monthly payment remains the same throughout the loan term (for fixed-rate mortgages)
Benefits of Extra Payments
Making extra payments toward your principal can:
- Shorten your loan term significantly
- Save thousands of dollars in interest
- Build equity in your home faster
- Give you financial flexibility
Try entering different extra payment amounts in the calculator to see how they affect your payoff date and total interest paid.