Amortization Calculator
See exactly how your mortgage payments break down over time with a detailed amortization schedule.
Loan Details
Pay off your loan faster and save on interest
Your Amortization Schedule
Monthly Payment
$1,918.56
Principal & Interest
Total Interest
$370,683
Over 360 months
Payoff Date
Feb 2056
360 payments
Total Cost
$690,683
Principal + Interest
Principal vs Interest Over Time
Payment Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,918.56 | $318.56 | $1,600.00 | $319,681 |
| 2 | $1,918.56 | $320.15 | $1,598.41 | $319,361 |
| 3 | $1,918.56 | $321.75 | $1,596.81 | $319,040 |
| 4 | $1,918.56 | $323.36 | $1,595.20 | $318,716 |
| 5 | $1,918.56 | $324.98 | $1,593.58 | $318,391 |
| 6 | $1,918.56 | $326.60 | $1,591.96 | $318,065 |
| 7 | $1,918.56 | $328.24 | $1,590.32 | $317,736 |
| 8 | $1,918.56 | $329.88 | $1,588.68 | $317,406 |
| 9 | $1,918.56 | $331.53 | $1,587.03 | $317,075 |
| 10 | $1,918.56 | $333.19 | $1,585.37 | $316,742 |
| 11 | $1,918.56 | $334.85 | $1,583.71 | $316,407 |
| 12 | $1,918.56 | $336.53 | $1,582.03 | $316,070 |
Your estimated payment: $1,918.56/mo
You'll pay $370,683 in interest over the life of this loan. Lenders may offer you a lower rate — see actual quotes.
Disclaimer: This schedule shows estimated payments based on your inputs. Actual payments may vary due to escrow changes, rate adjustments (for ARMs), or payment timing.
Frequently Asked Questions
What is an amortization schedule?
An amortization schedule shows how each mortgage payment is split between principal and interest over the life of the loan. Early payments are mostly interest, while later payments go primarily toward principal.
How much interest will I pay over the life of my loan?
Total interest depends on loan amount, rate, and term. On a $300,000 loan at 7% for 30 years, you would pay about $418,000 in interest. A 15-year term at the same rate would cost about $186,000 in interest.
How can I pay off my mortgage faster?
Pay off your mortgage faster by making extra principal payments, switching to biweekly payments (26 half-payments = 13 full payments per year), or refinancing to a shorter term. Even small extra payments can save years and thousands in interest.
What happens if I make extra payments?
Extra payments go directly to principal, reducing your balance faster and saving interest. A $200/month extra payment on a $300,000 loan at 7% could save over $100,000 in interest and pay off the loan 8+ years early.