🏠 Mortgage Amortization Calculator
See the complete amortization schedule for your mortgage. Calculate your monthly payment, total interest, and track how your balance decreases over time with a full payment-by-payment breakdown. Includes property taxes, insurance, and PMI options.
What Is a Mortgage Amortization Calculator?
A mortgage amortization calculator shows you the complete payment schedule for your home loan. It breaks down every monthly payment into principal, interest, and any additional costs like PMI, property taxes, and insurance.
Amortization is the process of paying off a loan over time through regular payments. Each payment covers both interest charges and principal reduction. Early in the loan, most of your payment goes toward interest; later, more goes toward principal as the balance decreases.
How Does the Mortgage Amortization Calculator Work?
The calculator uses the standard loan payment formula:
Where:
- M = Monthly payment (principal + interest)
- P = Principal (home price minus down payment)
- r = Monthly interest rate (Annual rate ÷ 12)
- n = Total number of payments (loan term in months)
The calculator then adds property taxes, homeowners insurance, and PMI (if applicable) to determine your total monthly payment. It generates a complete amortization schedule showing every payment over the life of the loan.
Why Use This Mortgage Amortization Calculator?
- Complete Schedule: See every payment from start to finish.
- Extra Payments: See how paying extra each month can save thousands in interest and shorten your loan term.
- PITI + PMI: Includes property taxes, insurance, and PMI for a complete picture of your monthly cost.
- Visual Charts: Understand the cost breakdown with a pie chart and balance trajectory.
- Free & Private: No registration, no data storage , all calculations run in your browser.
❓ Mortgage Amortization Calculator FAQ
What is mortgage amortization?
Mortgage amortization is the process of paying off your home loan through regular monthly payments. Each payment reduces your principal balance while covering the interest that has accrued since your last payment.
Why does more of my payment go to interest early on?
Interest is calculated on your remaining principal balance. Early in the loan, the balance is highest, so the interest portion is larger. As you pay down the principal, less interest accrues, and more of your payment goes toward principal.
What is included in my monthly mortgage payment?
A typical mortgage payment includes PITI , Principal, Interest, Taxes, and Insurance. If you have less than 20% down, it may also include PMI (Private Mortgage Insurance).
How does making extra payments help?
Extra payments are applied directly to your principal balance. This reduces the total interest you'll pay over the life of the loan and can shorten your loan term by months or even years.
What is PMI and when do I pay it?
PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home price. It protects the lender if you default. PMI is typically canceled once you reach 20% equity.
What is the difference between a 15-year and 30-year mortgage?
A 15-year mortgage has higher monthly payments but significantly lower total interest. A 30-year mortgage has lower monthly payments but costs more in interest over time.
How accurate is this calculator?
This calculator provides accurate results based on the standard amortization formula. However, actual mortgage payments may include additional costs like HOA fees, flood insurance, or lender-specific fees. Use this as a planning tool and consult your lender for precise numbers.
Is this calculator free to use?
Yes, this calculator is completely free to use. No registration or personal data storage is required. All calculations are performed in your browser.
What is the formula for amortization?
The formula is M = P × [r(1+r)^n] / [(1+r)^n − 1], where M is the monthly payment, P is the principal, r is the monthly interest rate, and n is the number of payments.
Can I see a yearly summary instead of monthly payments?
Yes! Use the dropdown menu above the amortization schedule to switch between All Payments, First 12, Last 12, or Yearly Summary views.