Amortization Schedule Calculator

See exactly how each mortgage payment splits between principal and interest over the life of your loan. Explore how extra monthly payments can save you thousands and shorten your payoff time.

Amortization FAQs

What is an amortization schedule?

An amortization schedule is a complete table showing how each monthly payment is split between principal and interest over the life of the loan. Early payments are weighted heavily toward interest; over time, the principal share grows. The schedule also shows the remaining loan balance after every payment.

Why do early mortgage payments go mostly toward interest?

Interest is calculated on the outstanding balance, which is highest at the start of the loan. As you pay down the principal, the interest portion shrinks and the principal portion grows — even though the monthly payment stays the same. This is how amortization works, and it's why the first years of a mortgage feel slow for building equity.

How much can extra monthly payments save?

Even a modest extra payment each month can shorten your loan by years and save tens of thousands in interest. On a $350,000, 30-year loan at 6.5%, an extra $200/month cuts about 5 years off the payoff timeline and saves over $60,000 in interest. The savings grow significantly with larger extra payments.

What is the principal-interest crossover point?

The crossover point is the month when your principal payment finally exceeds your interest payment for the first time. On a 30-year loan it typically falls around year 20. Seeing this milestone helps illustrate how amortization front-loads interest — and why early extra payments are so effective at reducing total cost.

How does a 15-year loan compare to a 30-year on the amortization schedule?

A 15-year loan has a much steeper amortization curve — principal payments dominate far earlier, and you build equity much faster. The monthly payment is higher, but total interest paid is dramatically lower. You can use the loan term selector to compare the full schedule side by side at any loan amount and rate.