Mortgage Amortization Schedule Calculator

Generate a complete month-by-month amortization table for your mortgage. See opening balance, EMI, principal paid, interest paid, and closing balance for every payment.

Loan Amount

Annual Interest Rate (%)

Loan Term (Years)

Results

Enter values and click Calculate to see results

How to Use This Mortgage Amortization Calculator

Enter your loan amount

Input the total mortgage principal — the amount you are borrowing to purchase your home.

Input interest rate and loan term

Enter your annual interest rate and the loan duration in years (typically 15 or 30 years).

Generate and review your amortization schedule

Click Generate Schedule to see month-by-month breakdown of principal and interest payments.

Mortgage Payment Breakdown Over Time

Loan Year	Principal %	Interest %	Remaining Balance
Year 1	20-25%	75-80%	~97% of original
Year 5	28-32%	68-72%	~88% of original
Year 10	38-42%	58-62%	~75% of original
Year 15	50-55%	45-50%	~58% of original
Year 20	65-70%	30-35%	~38% of original
Year 30	100%	0%	$0

Note: Percentages vary based on interest rate. Higher rates mean more interest early in the loan.

Understanding Amortization Schedules

What Is an Amortization Schedule?

An amortization schedule is a complete table showing every mortgage payment over the life of your loan. Each row displays the payment number, opening balance, total payment amount, how much goes to principal, how much goes to interest, and the remaining balance. This helps you see exactly where your money goes each month.

Why Early Payments Are Mostly Interest

Mortgage interest is calculated on the remaining balance. At the start, you owe the full loan amount, so interest charges are highest. Your fixed monthly payment first covers interest, and whatever remains reduces principal. As principal decreases, so does interest, freeing up more of your payment to pay down the balance. This is why the shift happens gradually over decades.

How Extra Payments Affect Your Loan

Any payment above your required monthly amount goes directly to principal. This reduces future interest charges and shortens your loan term. Even an extra $100 per month on a 30-year mortgage can cut 7-9 years off the loan and save tens of thousands in interest. The earlier you make extra payments, the greater the impact.

Tips for Paying Off Your Mortgage Faster

Make biweekly payments

Pay half your monthly amount every two weeks. You will make 26 half-payments (13 full payments) per year instead of 12.

Round up your payment

Round $1,247 up to $1,300 or $1,500. The extra goes straight to principal and compounds over time.

Apply windfalls to principal

Use tax refunds, bonuses, or inheritance to make lump-sum principal payments. Even one extra payment per year helps.

Refinance to a shorter term

Switching from 30-year to 15-year mortgage increases monthly payment but dramatically reduces total interest paid.

Frequently Asked Questions

How is monthly mortgage payment calculated?

Monthly payment uses the formula: M = P [i(1+i)^n] / [(1+i)^n - 1], where P is principal, i is monthly interest rate (annual rate divided by 12), and n is total number of payments (loan term in years times 12). This formula ensures equal payments throughout the loan.

What is the difference between 15-year and 30-year mortgage?

A 15-year mortgage has higher monthly payments but much lower total interest. A 30-year mortgage has lower payments but you pay interest for twice as long. For example, on a $300,000 loan at 6%, the 15-year saves about $180,000 in interest compared to 30-year.

Does paying extra principal reduce monthly payment?

No. Extra principal payments reduce your loan balance and shorten the term, but your required monthly payment stays the same. The extra simply means you will make fewer total payments over the life of the loan. Some lenders offer recasting to lower payments.

What is mortgage amortization vs depreciation?

Amortization refers to paying down a loan balance over time through scheduled payments. Depreciation is an accounting method for spreading the cost of an asset over its useful life. For homeowners, mortgage amortization builds equity while the property may appreciate.

Should I pay off my mortgage early or invest?

Compare your mortgage rate to expected investment returns. If your mortgage is 3% and investments return 7%, investing may win. But paying off the mortgage guarantees a 3% return with zero risk. Consider your risk tolerance, tax situation, and peace of mind. Many people do both — contribute to retirement accounts while making extra mortgage payments.

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