Amortization calculator: mortgage and loan schedule
Type the loan amount, the rate and the term. The page shows the payment and the whole schedule. See each year, or switch to each month. Add an extra payment to see how much you save.
The term is 30 years.
Payment in a month
$1,896.20
| Loan amount | $300,000.00 |
|---|---|
| Total interest | $382,636.71 |
| Loan plus interest | $682,636.71 |
| Number of payments | 360 |
| Payoff time | 30 years |
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $19,401.28 | $3,353.12 | $296,646.88 |
| 2 | $19,176.72 | $3,577.68 | $293,069.20 |
| 3 | $18,937.11 | $3,817.29 | $289,251.91 |
| 4 | $18,681.46 | $4,072.94 | $285,178.97 |
| 5 | $18,408.69 | $4,345.71 | $280,833.26 |
| 6 | $18,117.65 | $4,636.75 | $276,196.51 |
| 7 | $17,807.10 | $4,947.30 | $271,249.21 |
| 8 | $17,475.78 | $5,278.62 | $265,970.59 |
| 9 | $17,122.27 | $5,632.13 | $260,338.46 |
| 10 | $16,745.08 | $6,009.32 | $254,329.14 |
| 11 | $16,342.61 | $6,411.79 | $247,917.35 |
| 12 | $15,913.22 | $6,841.18 | $241,076.17 |
| 13 | $15,455.04 | $7,299.36 | $233,776.81 |
| 14 | $14,966.20 | $7,788.20 | $225,988.61 |
| 15 | $14,444.56 | $8,309.84 | $217,678.77 |
| 16 | $13,888.07 | $8,866.33 | $208,812.44 |
| 17 | $13,294.28 | $9,460.12 | $199,352.32 |
| 18 | $12,660.70 | $10,093.70 | $189,258.62 |
| 19 | $11,984.71 | $10,769.69 | $178,488.93 |
| 20 | $11,263.45 | $11,490.95 | $166,997.98 |
| 21 | $10,493.87 | $12,260.53 | $154,737.45 |
| 22 | $9,672.76 | $13,081.64 | $141,655.81 |
| 23 | $8,796.67 | $13,957.73 | $127,698.08 |
| 24 | $7,861.89 | $14,892.51 | $112,805.57 |
| 25 | $6,864.51 | $15,889.89 | $96,915.68 |
| 26 | $5,800.35 | $16,954.05 | $79,961.63 |
| 27 | $4,664.91 | $18,089.49 | $61,872.14 |
| 28 | $3,453.41 | $19,300.99 | $42,571.15 |
| 29 | $2,160.76 | $20,593.64 | $21,977.51 |
| 30 | $781.60 | $21,977.51 | $0.00 |
The loan compounds every month. The payment does not include the extra payment. This is an estimate. It is not an offer of credit. Your lender can give other numbers.
How to use the calculator
- Type the loan amount and the interest rate.
- Type the term in years and months.
- Add an extra payment in a month, if you make one.
- Choose to see the schedule by year or by month.
Questions
What is an amortization schedule?
It is a table of every payment on a loan. Each row shows how much of the payment is interest and how much is principal. It also shows the balance you still owe. For a $300,000 loan at 6.5% for 30 years, the payment is $1,896.20.
Why is the first payment mostly interest?
Interest is figured on the balance, and the balance is highest at the start. In the first payment of the loan above, $1,625.00 is interest and $271.20 is principal. After 5 years you owe $280,833.26.
How much interest do I pay over the whole loan?
You pay $382,636.71 in interest on the loan above. With the principal, the total is $682,636.71.
How does an extra payment change the schedule?
An extra $200 a month goes to principal. The loan above is paid off in 23 years and 1 month, and you save $103,450.19 in interest.