Mortgage amortization

See where every payment goes.

Interest is front-loaded. This calculator shows the full cost of the loan, and the time an extra monthly payment can take off it.

Loan terms

The loan

See what paying a little more does

Year-by-year schedule

Select a year to see its monthly payments.

YearPrincipalInterestBalance
$3,577$20,695$316,423
$3,816$20,455$312,607
$4,072$20,200$308,535
$4,345$19,927$304,191
$4,636$19,636$299,555
$4,946$19,325$294,609
$5,277$18,994$289,332
$5,631$18,641$283,701
$6,008$18,264$277,694
$6,410$17,861$271,284
$6,839$17,432$264,444
$7,297$16,974$257,147
$7,786$16,485$249,361
$8,308$15,964$241,053
$8,864$15,407$232,189
$9,458$14,814$222,732
$10,091$14,180$212,641
$10,767$13,505$201,874
$11,488$12,784$190,386
$12,257$12,014$178,129
$13,078$11,193$165,051
$13,954$10,317$151,097
$14,888$9,383$136,208
$15,886$8,386$120,323
$16,949$7,322$103,373
$18,085$6,187$85,289
$19,296$4,976$65,993
$20,588$3,683$45,405
$21,967$2,305$23,438
$23,438$833$0

Total interest

$408,142

Over 30 years you repay $728,142 on a $320,000 loan. Try an extra monthly payment to see how much that interest can shrink.

Monthly payment$2,022.62principal & interest
Total paid$728,142over the full term
Payoff time30 yearson schedule
Interest saved$0versus the scheduled loan

How amortization works

A fixed-rate mortgage has the same payment every month, but the split changes. Early on, most of each payment is interest because the balance is high. Over time the interest share shrinks and more goes to principal.

That is why an extra payment early in the loan is so effective: it reduces the balance that interest is charged on, for every month that follows. Add an amount in the extra payment field to see the years and dollars it removes.

The payment shown covers principal and interest only. Property taxes, homeowners insurance, mortgage insurance and HOA dues are separate and will raise your total monthly housing cost.