Amortization Calculator
Amortization is the process of paying off a debt or loan over time in predetermined installments. For help determining what interest rate you might pay, check out today’s mortgage rates.
How to use this mortgage amortization calculator
- Enter your loan amount. In the “loan amount” field, input the total amount of money you borrowed for your mortgage.
- Enter your loan term. In the "loan term" field, input the length of your loan. This might be 30 years, 15 years or another time frame.
- Enter your interest rate. In the "interest rate" field, input the interest rate you’re paying on your mortgage.
- Enter your loan start date. In the "loan start date" field, input the month when you made your first payment.
- View the chart and schedule. The chart will automatically display the amount of principal you’ve paid and the amount of interest you’ve paid in total, as well as your remaining loan balance, at the selected point in your amortization schedule. You can also click on the “schedule” tab for a month-by-month view of this information.
How a mortgage amortization calculator can help you
A mortgage amortization calculator is a valuable tool in understanding how your interest adds up on a mortgage over time. You can use this calculator to:
- Determine how much principal you owe now or will owe at a future date
- Determine how much extra you'd need to pay to repay the full mortgage in a shorter time frame
- Compare how one-time and yearly extra payments impact your payoff timeline
- Determine how much equity you have in your home
- See how much interest you’ve paid over the life of the mortgage, or during a particular year or time period
Does this calculator work for adjustable-rate mortgages?
This calculator is compatible with fixed-rate mortgages. To learn the amortization schedule and payments for an adjustable-rate mortgage (ARM), use our ARM calculator.
What is mortgage amortization?
Mortgage amortization describes the process of paying off your loan in installments over time. If you’re taking out a fixed-rate mortgage, you’ll know exactly how much you’re going to pay in one lump sum for principal and interest each month for the entire loan term. However, the portion of your payment that goes toward principal versus interest changes over time.
What is an amortization schedule?
An amortization schedule is a table that lists each monthly payment from the time you start repaying the loan until the loan matures, or is paid off. The amortization schedule details how much will go toward each component of your mortgage payment — principal or interest — at each month throughout the loan term.
Can you change your amortization schedule?
If you choose to. If you refinance your mortgage to a new loan, for example, you'll get a new amortization schedule. You can also change your amortization schedule by recasting your mortgage — paying a lump sum to your current loan — or by prepaying, either with biweekly payments, one additional payment per year or whenever you have extra funds.