Amortization Schedule Calculator

Generate a full amortization table showing principal, interest, and balance for every payment. See impact of extra payments.

By Konstantin Iakovlev · Updated September 2026 · Source: CFPB — Owning a Home

$
%
years
$/mo

Monthly Payment

$1,769.79

Total Interest

$357,124.57

Payoff Date

Oct 2056

Loan Summary

Monthly P&I$1,769.79
Total Interest$357,124.57
Total Amount Paid$637,124.57

Use the Amortization Schedule Calculator above to calculate your results. Enter your values and see instant results — all calculations run in your browser.

Disclaimer: This calculator is for informational purposes only and does not constitute tax, financial, or legal advice. Results are estimates based on the information you provide and current rates. Always consult a qualified tax professional or financial advisor for advice specific to your situation.

How It Works

An amortization schedule lays out your mortgage one payment at a time, splitting each installment into its principal and interest parts and showing how the balance erodes across the life of the loan. That payment-by-payment view is useful for planning. For a sense of current rates, Freddie Mac's weekly survey put the average 30-year fixed rate at 6.95% on September 17, 2026, up from 6.26% a year earlier.

Each line is generated from the standard amortization formula. The monthly payment M is given by M = P [ i(1 + i)^n ] / [ (1 + i)^n - 1], where P is the principal loan amount, i is the monthly interest rate (the annual rate divided by 12), and n is the total number of payments. From there, the interest due in a given month equals the current balance times the monthly interest rate; subtracting that from the payment leaves the principal portion, which lowers the balance carried into the next period.

Early extra payments are where the real leverage hides, and their effect is easy to underestimate. Even modest additional principal early in the term can cut total interest meaningfully and pull the payoff date forward. One caution: a handful of lenders impose prepayment penalties, though these are uncommon on conventional mortgages, so it is worth reviewing your loan agreement for any such clause before committing to larger extra payments.

Example: $350,000 Mortgage With $200 Extra a Month

  1. 1 Input a $350,000 loan at 6.8% for 30 years. The monthly rate is 0.068 ÷ 12 = 0.00566667 and (1.00566667)^360 = 7.646452, so the payment is $350,000 × 0.00566667 × 7.646452 ÷ (7.646452 − 1) = $2,281.74 in principal and interest.
  2. 2 First payment: interest is $350,000 × 0.00566667 = $1,983.33, so only $298.40 goes to principal and the balance falls to $349,701.60. The interest share shrinks a little with every payment after that.
  3. 3 Without extra payments the loan runs the full 360 payments and costs $471,425.74 in interest.
  4. 4 Enter $200 as the Extra Monthly Payment. The calculator adds it to principal from the first payment on, so the loan is paid off in 285 payments (23 years 9 months), 75 months early, and total interest falls to $355,038.69, a saving of $116,387.05. Extra payments that start later in the loan save less, because less interest is left to cut.

Source: CFPB — Owning a Home · Last updated: September 2026

Frequently Asked Questions

What is an amortization schedule?
An amortization schedule is a table showing every mortgage payment broken down into principal and interest. Early payments are mostly interest, and the proportion shifts toward principal over time as the balance decreases.
How much interest do I pay over the life of a 30-year mortgage?
On a $300,000 mortgage at 6.5%, you pay about $382,600 in total interest over 30 years, more than the original loan amount. Shorter terms (15-20 years) dramatically reduce total interest.
How do extra mortgage payments affect amortization?
Extra payments go directly to principal, reducing the balance faster and saving significant interest. An extra $200/month on a $300,000 mortgage at 6.5% saves about $103,400 in interest and shortens the loan by 83 months, almost 7 years.

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