Mortgages
Amortization Calculator
Every fixed loan follows an amortization schedule — early payments are mostly interest, later ones mostly principal. Enter any loan to get the exact payment and a year-by-year table of interest, principal, and remaining balance, and see how extra payments bend the curve in your favor.
Tested against worked examplesHow we verify
Monthly payment: $1,896.20
Monthly payment
$1,896.20
- Total interest
- $382,637
- Total of all payments
- $682,637
- Paid off in
- 30 years
Amortization schedule (by year)
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,353 | $19,401 | $296,647 |
| 2 | $3,578 | $19,177 | $293,069 |
| 3 | $3,817 | $18,937 | $289,252 |
| 4 | $4,073 | $18,681 | $285,179 |
| 5 | $4,346 | $18,409 | $280,833 |
| 6 | $4,637 | $18,118 | $276,197 |
| 7 | $4,947 | $17,807 | $271,249 |
| 8 | $5,279 | $17,476 | $265,971 |
| 9 | $5,632 | $17,122 | $260,338 |
| 10 | $6,009 | $16,745 | $254,329 |
| 11 | $6,412 | $16,343 | $247,917 |
| 12 | $6,841 | $15,913 | $241,076 |
| 13 | $7,299 | $15,455 | $233,777 |
| 14 | $7,788 | $14,966 | $225,989 |
| 15 | $8,310 | $14,445 | $217,679 |
| 16 | $8,866 | $13,888 | $208,812 |
| 17 | $9,460 | $13,294 | $199,352 |
| 18 | $10,094 | $12,661 | $189,259 |
| 19 | $10,770 | $11,985 | $178,489 |
| 20 | $11,491 | $11,263 | $166,998 |
| 21 | $12,261 | $10,494 | $154,737 |
| 22 | $13,082 | $9,673 | $141,656 |
| 23 | $13,958 | $8,797 | $127,698 |
| 24 | $14,893 | $7,862 | $112,806 |
| 25 | $15,890 | $6,865 | $96,916 |
| 26 | $16,954 | $5,800 | $79,962 |
| 27 | $18,089 | $4,665 | $61,872 |
| 28 | $19,301 | $3,453 | $42,571 |
| 29 | $20,594 | $2,161 | $21,978 |
| 30 | $21,978 | $782 | $0 |
Compare scenariosTry three values of one input
| Loan amount | |||
|---|---|---|---|
| Monthly payment | $1,706.58 | $1,896.20+$189.62 | $2,085.82+$379.24 |
| Total interest | $344,373 | $382,637+$38,264 | $420,900+$76,527 |
| Total of all payments | $614,373 | $682,637+$68,264 | $750,900+$136,527 |
Every other input stays at the value you set above — currently $300,000 for loan amount. Differences are measured against the first column.
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How this calculator works
The level payment comes from the standard amortization formula; each month's interest is the balance times the monthly rate, rounded to the cent, and the remainder of the payment reduces principal. The final scheduled payment absorbs cent-rounding so the schedule closes at exactly zero.
Extra payments apply fully to principal in the month paid. Educational estimates — verify payoff quotes with your servicer, since accrued per-diem interest at payoff differs from a scheduled balance.
What this assumes
- A fixed rate for the whole term, with equal payments and no missed months.
- Only principal and interest. Taxes, insurance and PMI are real parts of a payment but are not part of the loan schedule.
- Extra payments, if entered, are applied to principal immediately rather than held as a paid-ahead credit — which is what many servicers do unless told otherwise.
What changes this number
- Where you are in the schedule
- Early payments are almost entirely interest: on a 30-year loan you typically repay only about a third of the principal in the first 15 years.
- Extra principal
- Worth far more early than late, because it removes interest from every remaining month.
- Rate
- Changes the split before it changes the payment — a higher rate means more of each identical payment is interest.
A worked example
Take the 30-year mortgage: $300k at 6.5% scenario. These figures are produced by the calculator above, not written alongside it, so they always match what the tool returns.
What you enter
- Loan amount
- $300,000
- Interest rate
- 6.5%
- Term (years)
- 30 years
What it returns
- Monthly payment
- $1,896.20
- Total interest
- $382,637
- Total of all payments
- $682,637
- Paid off in
- 30 years
Try an example
Frequently asked questions
What is amortization?
Amortization is paying a loan down with equal payments that are split between interest (on the remaining balance) and principal. Because the balance shrinks each month, the interest share falls and the principal share grows — slowly at first, then quickly near the end.
Why is so much of my early payment interest?
Interest is charged on the outstanding balance, which is at its maximum on day one. On a $300,000 loan at 6.5%, month one carries $1,625 of interest; only the remainder of the payment reduces principal. Halfway through a 30-year term you've typically repaid only about a third of the balance.
How do extra payments change the schedule?
Every extra dollar goes straight to principal, shrinking the base on which all future interest accrues. The payoff date moves earlier and the total interest falls disproportionately — try $100 or $200 in the extra field and watch the 'interest saved' figure.
Is this schedule exact?
Yes — interest posts in exact cents each month the way loan servicers calculate it, and the final payment self-adjusts so principal sums precisely to the amount borrowed. Your lender's schedule may differ by a few cents depending on their rounding conventions and your closing date.
This calculator helps answer
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Disclaimer: DayCents provides this calculator for educational purposes only. Results are estimates based on your inputs and the stated assumptions — they are not financial advice, a quote, or an offer of credit. Consult a qualified financial professional before making major money decisions.