Where every payment goes, month by month
Early payments carry more interest and later ones more principal, and a schedule shows it plainly. Enter a rate and this amortization schedule calculator builds the whole table, by year with each month underneath, and shows what paying a little extra every month takes off the end.
Amortization schedule
What that works out to
- Scheduled payment
- Needs a rate
- Interest over the life of the loan
- Needs a rate
- Total paid
- Needs a rate
- Paid off in
- Needs a rate
Enter the rate you have been quoted and the numbers appear. We do not publish rates.
These are estimates from the figures you entered, not a quote, an offer, or a commitment to lend.
A calculator works from the figures you typed into it. Your loan officer works from your file and your credit, against the lenders on our panel.
Ask us for a real quoteHow the math works
Each month the interest is the balance times the monthly rate, and whatever the payment has left over comes off the principal. Next month the interest is charged on the smaller balance, which is why the split moves toward principal as the loan runs on.
An extra payment is added to the scheduled one and goes entirely at the principal, so the balance falls faster and the loan ends early. The table stops at the month the balance reaches nothing.
The final payment is trimmed to whatever is left rather than being another full one.
Nothing is rounded until it is printed.
Starting assumptions
The schedule is principal and interest only: taxes, insurance and dues are not part of it. The figures it opens on are round starting points, and every one of them is yours to change.
These are estimates from the figures you entered, not a quote, an offer, or a commitment to lend.
Pick the question you are trying to answer
- Monthly payment
What leaves your account each month once taxes, insurance and dues are inside the figure.
- Affordability
What your income carries once your debts, the taxes and the insurance come out of it.
- Refinance break-even
The month the closing costs are paid back, and what the new loan costs over its life.
A quote needs your file
Send us what you are working with, and your loan officer can price it against the lenders on our panel.
No credit pull to get started. This is not a commitment to lend. Equal Housing Opportunity.