Mortgage Amortization Calculator
Generate a full mortgage amortization schedule online free — monthly principal, interest and balance breakdown. In-browser processing — no upload, no account.
See where every payment goes
- Monthly principal & interest$2,212.24
- Total interest over the term$446,406
- Total repaid$796,406
- Interest paid in year 1$22,635
- Principal paid in year 1$3,912
- Balance after 5 years$327,638
Calculated in your browser — nothing you type is sent anywhere.
Understanding Your Mortgage Amortization Schedule
Amortization is the process of spreading out a loan into a series of equal monthly installments. While your total monthly payment (Principal + Interest) remains fixed on a traditional fixed-rate mortgage, the internal composition of that payment changes drastically over time.
Using the free Mortgage Amortization Calculator above, you can analyze your exact monthly debt reduction, total interest cost, and principal progression across a 15-year, 20-year, or 30-year loan horizon.
The Amortization Curve: Principal vs Interest
Mortgage payments follow a mathematical curve:
- Early Years (Years 1–10): Payment goes overwhelmingly toward interest charges. On a $350,000 loan at 6.5% interest, over $22,000 of your $26,500 annual payments in Year 1 goes to bank interest.
- Middle Years (Years 11–20): Principal reduction speeds up as the loan balance declines. Around Year 18, you reach the "crossover point" where principal payment officially exceeds interest.
- Final Years (Years 21–30): Almost your entire monthly payment goes directly into home equity, rapidly driving the loan balance down to $0.
Comparing 15-Year vs 30-Year Amortization
| Loan Term | Monthly P&I ($350k at 6.5%) | Total Interest Paid | Lifetime Loan Cost |
|---|---|---|---|
| 30-Year Fixed | $2,212 | $446,420 | $796,420 |
| 15-Year Fixed | $3,047 | $198,477 | $548,477 |
How Extra Principal Payments Reshape Amortization
When you make extra principal payments, you skip past future interest charges on your amortization schedule. An extra $150 per month on a 30-year $350,000 mortgage eliminates 4 years of payments and saves over $65,000 in interest.
Frequently Asked Questions
What is a mortgage amortization schedule?
A mortgage amortization schedule is a complete table showing every monthly payment over your loan term, broken down into exact principal reduction, interest paid, and remaining principal balance.Why is interest so high in the early years of a mortgage?
Mortgage interest is calculated monthly based on your remaining unpaid principal balance. At the start of a 30-year loan, your balance is highest, so the interest portion consumes up to 70% or more of each monthly payment.What is the tipping point in an amortization schedule?
The tipping point (or amortization crossover) is the month when your principal payment amount officially surpasses your monthly interest amount. On a 30-year fixed loan at 6.5%, this crossover typically occurs around Year 18.How does loan length affect total interest paid?
Choosing a 15-year fixed mortgage instead of a 30-year fixed mortgage increases your monthly payment by 30%–40%, but reduces total lifetime interest by 50%–60% because interest compounds for half as long.Does refinancing reset my amortization schedule?
Yes. Refinancing into a new 30-year loan resets your amortization schedule back to Month 1, causing a higher percentage of your new payments to go toward interest again. Consider a 15-year or custom term when refinancing.Can I print or export my amortization breakdown?
Yes. ToolJiffy provides a clean, client-side breakdown summary. All data remains inside your browser memory without being sent to external databases.What is the difference between principal and interest?
Principal is the actual borrowed money that reduces your debt balance. Interest is the fee charged by your lender for borrowing the money.Is my financial privacy protected using this tool?
100% yes. ToolJiffy operates on zero-cloud client architecture. Zero financial inputs, property values, or loan terms leave your computer.