Mortgage Amortization Calculator
Estimate your monthly principal and interest payment, see how your loan balance changes over time, and review the total interest paid during the life of your loan.
For the most accurate estimate, enter the loan's annual interest rate, not the APR. APR may include lender fees and other loan costs.
Loan Details
Enter the loan principal. Range: $1,000 – $10,000,000.
Use the loan's note interest rate. APR may include additional fees and is not used to calculate the scheduled payment.
If blank, defaults to one month from today.
Your Results
Monthly P&I
$1,432.25
Total Interest
$215,609
Total Payments
$515,609
# of Payments
360
Total Principal
$300,000
Payoff Date
Sep 1, 2056
Cumulative Principal vs Interest
| # | Date | Begin Bal | Principal | Interest | Extra | End Bal |
|---|---|---|---|---|---|---|
| 1 | Oct 1, 2026 | $300,000.00 | $432.25 | $1,000.00 | — | $299,567.75 |
| 2 | Nov 1, 2026 | $299,567.75 | $433.69 | $998.56 | — | $299,134.07 |
| 3 | Dec 1, 2026 | $299,134.07 | $435.13 | $997.11 | — | $298,698.94 |
| 4 | Jan 1, 2027 | $298,698.94 | $436.58 | $995.66 | — | $298,262.35 |
| 5 | Feb 1, 2027 | $298,262.35 | $438.04 | $994.21 | — | $297,824.31 |
| 6 | Mar 1, 2027 | $297,824.31 | $439.50 | $992.75 | — | $297,384.82 |
| 7 | Apr 1, 2027 | $297,384.82 | $440.96 | $991.28 | — | $296,943.85 |
| 8 | May 1, 2027 | $296,943.85 | $442.43 | $989.81 | — | $296,501.42 |
| 9 | Jun 1, 2027 | $296,501.42 | $443.91 | $988.34 | — | $296,057.51 |
| 10 | Jul 1, 2027 | $296,057.51 | $445.39 | $986.86 | — | $295,612.12 |
| 11 | Aug 1, 2027 | $295,612.12 | $446.87 | $985.37 | — | $295,165.25 |
| 12 | Sep 1, 2027 | $295,165.25 | $448.36 | $983.88 | — | $294,716.89 |
Frequently Asked Questions
What is an amortization schedule?
An amortization schedule is a table showing each monthly payment broken into principal and interest. In the early years, most of your payment goes toward interest. Over time, more of each payment reduces the loan balance. The schedule shows the remaining balance after every payment until the loan is paid off.
What is the difference between interest rate and APR?
The interest rate is the cost of borrowing the principal, expressed as a percentage. APR (annual percentage rate) includes the interest rate plus certain lender fees and loan costs. APR is typically higher than the interest rate. This calculator uses the note interest rate to calculate the scheduled payment, not the APR.
Does this payment include taxes and insurance?
No. This calculator estimates principal and interest only. Property taxes, homeowners insurance, mortgage insurance, HOA dues, and other housing costs are separate. Your total monthly housing payment will be higher than the P&I amount shown here.
How do extra principal payments affect a mortgage?
Extra payments applied directly to principal reduce the loan balance faster. This shortens the loan term and reduces the total interest paid. Even a small additional monthly amount can save thousands in interest over the life of the loan. This calculator shows the impact of extra payments, including payments eliminated and interest saved.
Why might a lender's payment differ from this estimate?
This calculator uses a standard fixed-rate amortization formula. A lender's official Loan Estimate may include different rounding, adjusted dates, escrow analysis, mortgage insurance, or loan-specific fees. Always compare this estimate against the lender's Loan Estimate for the most accurate figure.
This calculator is provided for educational and illustrative purposes only. Results are estimates and are not a loan offer, approval, commitment to lend, or guarantee of financing. The estimated payment includes principal and interest only unless specifically stated otherwise. Property taxes, homeowners insurance, mortgage insurance, HOA charges, assessments, closing costs, lender fees, and other expenses are not included. Actual rates, payments, and loan terms may vary. Consult a licensed mortgage professional for a complete loan estimate.
Richard W. Garcia Jr., REALTOR® | Texas Real Estate Sales Agent License #841381 | LPT Realty, LLC, License #9012763 | Equal Housing Opportunity