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Mortgage Amortization Schedule Calculator

Enter loan amount, rate and term to see your amortization breakdown.

How it is calculated

The tool treats the loan as fixed-rate with equal monthly payments. The monthly rate is r = annual rate ÷ 100 ÷ 12 and the number of payments is n = years × 12, rounded to a whole month. The payment is M = P × r ÷ (1 − (1 + r)−n), where P is the amount borrowed. At 0% interest it is simply P ÷ n. Total paid is M × n and total interest is that minus P. Only the first month is split out: interest is P × r and principal is M minus that interest. It does not list every month, and it covers principal and interest only, with no taxes, insurance, fees or extra payments.

Worked example

Borrow 250,000 at 6.5% a year for 30 years. Monthly rate: 6.5 ÷ 100 ÷ 12 = 0.0054167. Payments: 30 × 12 = 360. Payment: $1,580.17 a month. Total paid: 1,580.17 × 360 = $568,861.22, so total interest is $318,861.22, more than the amount borrowed. First month: interest is 250,000 × 0.0054167 = $1,354.17 and principal is 1,580.17 − 1,354.17 = $226.00. Most of the first payment goes to interest. The dollar sign is only a display symbol.

Try this example →

Common mistakes

  • Entering the rate as a monthly rate or as a decimal. The field takes the annual percentage, so 6.5 means 6.5% a year, not 0.065.
  • Entering the term in months. The field takes years; a 30-year loan is 30, not 360.
  • Treating the monthly payment as the full housing cost. Property tax, insurance and fees are not included.
  • Expecting a full month-by-month table. The tool gives only the first month's split, not later months.
  • Comparing offers at different rates by monthly payment alone. The total interest line can differ by far more than the payment suggests, so compare both.

Sources

About this calculator

For a fixed-rate mortgage, the monthly payment is constant but the split between interest and principal shifts every month — this calculator finds that payment using M = P[r(1+r)^n] ÷ [(1+r)^n − 1], where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments. It then shows the monthly payment, the total paid, the total interest and the number of payments, plus the first month's breakdown (it does not list every month): interest is the outstanding balance times the monthly rate, and principal is simply the payment minus that interest.

Because interest is charged on the remaining balance, early payments are interest-heavy and later payments are principal-heavy — a structure homebuyers comparing loan offers, real-estate agents illustrating equity buildup, and mortgage brokers use to show clients not just the monthly payment but the total interest paid over the life of the loan (often exceeding the original principal on a 30-year term), and why extra principal payments early on can meaningfully shorten that timeline.

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Comments (1)

  • Editorial team

    Run the same loan twice with different terms to see the trade clearly. Borrowing 250,000 at 6.5%, a 15-year term raises the monthly payment from 1,580.17 to 2,177.77, which is 597.60 more, yet it cuts total interest from 318,861.22 to 141,998.31. Only the first month's split is shown here, not the full table. Which term lengths are you weighing, and would a month-by-month table be useful to you?

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