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Finance Calculators
Mortgage Amortization Calculator
Calculate your monthly mortgage payment, total interest and payoff timeline, including the effect of extra monthly payments.
Base monthly payment (P&I)
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Total interest paid
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Months to pay off
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About the Mortgage Amortization Calculator
Amortization is the process of paying off a loan through regular payments that cover both interest and principal. Early payments go mostly toward interest; later payments go mostly toward principal.
Formula: Each month, Interest = Balance × Monthly Rate, and Principal Paid = Payment − Interest, reducing the balance until it reaches zero.
Adding even a modest extra amount to your monthly payment goes entirely toward principal, which can shave years off your mortgage and save a substantial amount in interest.
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