Amortization Calculator
View how each fixed-rate payment is divided between interest and principal.
Fixed-rate estimate; currency is not converted.
Loan details
Scheduled payment is calculated from principal, fixed rate, and term. Extra principal is added each month.
Balance and cumulative interest
Total payment share
Annual amortization schedule
| Year | Principal | Interest | Ending balance |
|---|
Detailed Breakdown
Payment split
Each payment first covers interest on the current balance. The remainder reduces principal, so later payments usually contain less interest and more principal.
Extra principal
Extra monthly principal reduces the balance faster and can shorten payoff. This estimate assumes the lender applies it immediately to principal and does not charge a prepayment fee.
Formula and timing
Scheduled payment uses the fixed-rate amortization formula with monthly rate equal to annual rate divided by 12. Payments and interest are modeled monthly.
Limits
Fees, taxes, insurance, variable rates, grace periods, and lender-specific rounding are not included.
Examples
For a 200,000 fixed-rate loan at 6% over 15 years, the scheduled payment is about 1,687.71 per month before extra principal. The first month's interest is about 1,000; the rest of that payment reduces principal.
FAQ
Why does the interest share fall over time?
Interest is based on the remaining balance. As principal falls, later payments usually contain less interest and more principal.
Does extra principal change the scheduled payment?
This estimate keeps the scheduled payment fixed and adds extra principal, which can shorten payoff. Lender policies and prepayment fees may differ.
Are taxes and insurance included?
No. Use the Mortgage Calculator to estimate additional homeownership costs.
Related Calculators
- Loan Calculator — estimate payments and balances by month.
- Mortgage Payoff Calculator — compare extra payments on an existing mortgage.
- Payment Calculator — solve for a loan payment or another variable.
Internal links: view the full schedule in the Loan Calculator or compare extra mortgage payments with the Mortgage Payoff Calculator.