Amortization Calculator
View a detailed amortization schedule showing how each payment is split between principal and interest.
Monthly Payment
$2,212
Total Interest
$446,406
Total Cost
$796,406
Balance Over Time
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What it does: Generates a full amortization schedule showing how each monthly payment is split between principal and interest over the life of the loan.
When to use: Use this to understand exactly how your loan balance decreases over time, how much interest you pay in total, and the impact of extra payments.
How to use: Enter your loan amount, interest rate, and term. The calculator shows your monthly payment, total interest, and a year-by-year breakdown of principal vs. interest.
Key Inputs Explained
Worked Example
On a $350,000 loan at 6.5% for 30 years: Monthly payment = $2,212. Year 1: $3,620 principal, $22,724 interest. Year 15: $8,780 principal, $17,560 interest. Year 30: $32,800 principal, $590 interest. Total interest = $446,320.
Assumptions & limitations: This calculator assumes a fixed-rate mortgage with level monthly payments. It does not account for extra payments, rate changes (ARMs), or refinancing.
Calculator FAQs
Why does so little go to principal in the early years?
Interest is calculated on the remaining balance, which is highest at the start. As you pay down principal, the interest portion shrinks and the principal portion grows — but your total payment stays the same.
How do extra payments affect amortization?
Extra payments reduce your principal balance, which reduces all future interest charges. This accelerates the amortization schedule and shortens the loan term. See the Extra Payment Calculator.
Does refinancing reset my amortization?
Yes. A new loan starts a new amortization schedule from the beginning. If you refinance to a new 30-year loan after 10 years, you restart the interest-heavy phase — which can cost more despite a lower rate.
Can I see a month-by-month schedule?
This calculator shows a year-by-year summary. For a full month-by-month schedule, your lender can provide one, or you can calculate it using the amortization formula.