Mortgage Amortization Calculator
Generate complete mortgage amortization schedules with monthly payment breakdowns. Analyze principal and interest over time.
How it works
Amortization schedules show how each payment is divided between principal and interest. Early payments are mostly interest; later payments are mostly principal.
Example
$300K loan at 6% for 30 years: Payment 1 = $301 principal, $1,500 interest. Payment 360 = $1,792 principal, $9 interest.
FAQ
How is the monthly payment calculated?
Using the formula: P[r(1+r)^n]/[(1+r)^n-1] where P=principal, r=monthly rate, n=total payments. This creates equal monthly payments.
Why do early payments have more interest?
Interest is calculated on the remaining balance. Since the balance is highest at the beginning, interest charges are highest initially.
When does principal exceed interest?
The crossover point varies by rate and term. For a 30-year loan at 6%, principal exceeds interest around year 19-20.
How accurate are amortization schedules?
Very accurate for fixed-rate loans. Some lenders may have slight variations due to rounding methods or payment timing.
Can I use this for adjustable-rate mortgages?
Only for the current fixed period. ARM payments change when rates adjust, requiring new calculations.