Home Loan Amortization Calculator
Estimated monthly payments include principal and interest and are not an offer to lend. Tax, insurance, and other fees and charges may apply. Default interest rate displayed is illustrative only. Interest rates, total cost of mortgage, and monthly mortgage payment are estimates based on information provided. Actual mortgage payment and interest rate may be higher or lower than those displayed and will depend on your mortgage product, collateral, and credit history.
Crunch your own numbers with our mortgage calculators for refinance or a purchase loan, and run as many different scenarios as you’d like.
What It Shows
- A month-by-month mortgage amortization schedule
- Principal and interest breakdown for every payment
- The impact of extra payments on payoff timing and interest savings
What It Doesn’t
- Your final lender-approved payment amount
- Future changes to taxes, insurance, or HOA dues
- Actual loan qualification or underwriting decisions
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Every input and output the calculator uses, explained in plain terms.
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Frequently Asked Questions
What is a mortgage amortization schedule?
A mortgage amortization schedule is a payment-by-payment table showing every scheduled payment on your loan from origination to payoff, broken into interest, principal, and remaining balance. On a standard 30-year fixed mortgage, the schedule contains 360 rows.
How is a mortgage amortization schedule calculated?
Start with the monthly payment M = P × [ r(1+r)ⁿ ] ÷ [ (1+r)ⁿ − 1 ], then for each row multiply the remaining balance by the monthly rate (APR ÷ 12) to get interest, subtract that interest from the fixed payment to get the principal portion, and reduce the balance by that principal. Repeat for every payment.
Why is most of my early mortgage payment interest?
Interest is calculated on your remaining balance, which is highest at the start of the loan.
What's the difference between amortization and interest-only?
Amortization means every scheduled payment includes some principal reduction, so the balance falls to $0 by the end of the term. An interest-only loan applies zero principal during its interest-only period, so the balance stays flat until amortization begins.
How do extra payments affect an amortization schedule?
Extra payments applied directly to principal reduce the remaining balance immediately, which shrinks the interest calculation for every subsequent month and shortens the loan.
When do extra mortgage payments save the most interest?
Prepayments save the most when made early in the loan, because interest is calculated on the outstanding balance and that balance is highest in the early years.
What is a biweekly mortgage payment schedule?
A biweekly schedule means paying half your monthly mortgage every two weeks, which produces 26 half-payments per year — the equivalent of 13 full monthly payments instead of 12.
Is biweekly the same as twice-a-month payments?
No. Biweekly means every 14 days, which produces 26 half-payments equivalent to13 full monthly payments per year. Semi-monthly means twice a month on set dates (e.g., 1st and 15th), which produces 24 half-payments — equivalent to 12 full monthly payments.
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