See Exactly Where Your Mortgage Payment Goes with the Amortization Calculator
Every mortgage payment you make is split between two things: paying down what you borrowed (principal) and paying your lender for the loan (interest). Early on, most of your payment goes toward interest — our Amortization Calculator shows you exactly how that mix shifts over the life of your loan, year by year and month by month.
Just enter your purchase amount, down payment, interest rate, and loan term, and the calculator builds your full amortization schedule — including your monthly payment, total interest paid over the life of the loan, and your projected payoff date. Switch between a yearly summary for a quick overview or the full monthly breakdown to see every single payment.
Remember: This schedule assumes a fixed rate and on-time payments with no extra principal payments, refinancing, or changes to taxes and insurance. Making extra payments toward principal, or refinancing down the road, can shorten your loan and reduce your total interest — ask your lender how those options would affect this schedule.
Amortization Summary
| Monthly Payment | -- |
| Total of Payments | -- |
| Total Interest Paid | -- |
| Payoff Date | -- |
| Year | Principal Paid | Interest Paid | Ending Balance |
|---|---|---|---|
| Fill in the form and click "Generate Amortization Schedule". | |||
Key Amortization Terms Every Homebuyer Should Know
Amortization: The process of paying off a loan through regular, scheduled payments that gradually reduce your balance to zero by the end of the term. Each payment covers that period’s interest first, with the remainder going toward principal.
Amortization Schedule: A table showing every payment over the life of your loan, broken down into how much goes toward principal versus interest, plus your remaining balance after each payment.
Principal: The amount you actually borrowed (your purchase price minus your down payment). Paying down principal is what builds your home equity over time.
Interest: The cost of borrowing the money, calculated as a percentage of your remaining balance. Because interest is calculated on the balance, you pay more interest early in the loan when your balance is highest.
Loan Term: How many months or years you have to repay the loan — commonly 15, 20, or 30 years. A shorter term means higher monthly payments but significantly less interest paid overall.
Equity: The portion of your home you actually own outright — your home’s value minus what you still owe. Every principal payment increases your equity.
Payoff Date: The date your final scheduled payment brings your loan balance to zero, assuming no extra payments or refinancing along the way.
Pairing this calculator with our Loan Calculator and Mortgage Interest Deduction Calculator gives you the complete picture: what you’ll pay each month, how that payment breaks down over time, and what it could mean for your taxes.