Mortgage amortization calculator

What the schedule shows

Each payment covers that month's interest first and puts the rest toward the balance. Early in a 30-year loan most of the payment is interest; by the final years it is almost all principal. The yearly table shows how that shifts, and how much interest you pay in each calendar year.

Paying extra

Extra principal reduces the balance that interest is charged on, so it saves more the earlier it starts. Before committing to it, compare the loan's rate with what the same money would earn elsewhere, and keep an emergency fund in place first. Check too that your loan has no prepayment penalty.

Common questions

Can I deduct my mortgage interest?

Only if you itemize deductions, and most households now take the standard deduction instead. If you are close to the line, the year's interest figure in the schedule is the one to bring to us.

Why is my lender's payment higher?

Lenders usually collect property tax and homeowners insurance with the payment, and may add mortgage insurance if you put down less than 20%. Add the first two on the left to see the full figure.

Buying a home touches more than the mortgage. We help individuals with the tax side of buying, selling and moving.

More free tools: the compound interest calculator, the quarterly estimated tax calculator, and all our calculators.

Important: This calculator gives a general illustration for planning only. It is not financial, investment, lending or tax advice, and using it does not make you a client of Titus CPAs. Results rely on the numbers you enter and on simplified assumptions. Actual returns, rates and loan terms will differ, so the results may be incomplete or wrong for your situation. Talk to your financial or tax professional, or your lender, before you make a decision.