This is a simple calculator that shows you the principal balance of your loan over its entire term.
This mortgage amortization calculator shows how your loan balance changes over time and how each payment is applied toward interest and principal.
Understanding your amortization schedule helps you see how much interest you pay throughout the life of the loan and how your balance decreases with each payment.
How It Works
To generate your amortization schedule:
- Enter the loan amount: This is the total amount you plan to borrow
- Enter the interest rate: Use your estimated or current mortgage interest rate
- Enter the number of months: A 30-year loan typically equals 360 months
Your Mortgage Amortization Results
Once calculated, you will receive a complete amortization schedule that includes:
- Payment number and amount
- Amount applied toward interest
- Amount applied toward principal
- Remaining loan balance
Early in your loan, a larger portion of each payment goes toward interest, while later payments apply more toward reducing your principal balance.
| Payment # | Payment Amount | Interest Amount | Principal Reduction | Balance Due |
|---|---|---|---|---|
| $ | $ | $ | $ |
* Interest calculated at 1/12th of annual interest rate on the remaining principal amount. (Rounding errors possible)
Want to Reduce Your Interest Costs?
Understanding your amortization schedule may help you explore strategies such as:
- Extra principal payments
- Bi-weekly payment plans
- Mortgage refinancing
The mortgage specialists at Educated Mortgage can help you evaluate your options and create a strategy that fits your financial goals.
Contact Educated Mortgage today to learn how you can save on interest and pay off your mortgage faster.