Amortization calculator
See where every payment goes, year by year: how much is interest, how much pays down the loan, and what is left on the loan after any year.
How this calculator works
It uses the standard fixed-rate formula, the same one in your Mortgage Plan, to find the monthly principal and interest. Each month it charges interest on the balance, applies the rest of the payment to principal, and totals the results by year.
To learn more, see what a loan costs over time and extra payments.
Common questions
Why is most of my early payment interest?
Interest is charged on the balance you still owe. At the start the balance is highest, so most of the fixed payment covers interest. As the balance falls, more of each payment goes to principal.
How much do extra payments help?
Every extra dollar goes directly to principal, so you pay less interest on every payment after it. The extra payment planner shows the new payoff date and the interest you keep.
Does this include taxes and insurance?
No. Amortization covers principal and interest only. Use the payment calculator for the full monthly payment.
Is a 15-year loan better?
It costs much less interest and builds equity faster, but the payment is higher. Change the term above to see both, then decide what fits your budget.
See it with your own numbers
Daniel builds your Mortgage Plan from what you tell him: every loan option that fits, side by side.