Amortization Schedule Calculator
See every payment on your mortgage — principal, interest, and remaining balance. Model extra payments and find your exact payoff date.
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Loan & Extra Payment Details
Loan Details
Home Price$350,000
Down Payment20%
$70,000 down
$280,000
Home price minus down payment
Interest Rate7.1%
Current avg: 7.1%
Extra Payments
Extra Monthly Payment$0
Paying extra each month dramatically reduces total interest
Extra Yearly Payment$0
Annual lump sum payment (tax refund, bonus, etc.)
One-Time Extra Payment$0
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Monthly Payment (P+I)
$1,881.69
Total Interest Paid
$397,408
Total Cost
$677,408
Payoff Date
May 2056
Payoff Over Time
Principal vs Interest
For every $1 you borrow at 7.1% over 30 years you pay $1.42 in interest
Total Cost$677,408
Principal: $280,000Interest: $397,408
Amortization Schedule
| Year | Payments | Total Paid | Principal | Interest | Extra Paid | Year-End Balance |
|---|---|---|---|---|---|---|
| 1 | 12 | $22,580.27 | $2,789.90 | $19,790.37 | $0.00 | $277,210.10 |
| 2 | 12 | $22,580.27 | $2,994.56 | $19,585.71 | $0.00 | $274,215.54 |
| 3 | 12 | $22,580.27 | $3,214.23 | $19,366.04 | $0.00 | $271,001.31 |
| 4 | 12 | $22,580.27 | $3,450.02 | $19,130.26 | $0.00 | $267,551.29 |
| 5 | 12 | $22,580.27 | $3,703.10 | $18,877.18 | $0.00 | $263,848.20 |
| 6 | 12 | $22,580.27 | $3,974.74 | $18,605.53 | $0.00 | $259,873.45 |
| 7 | 12 | $22,580.27 | $4,266.32 | $18,313.96 | $0.00 | $255,607.14 |
| 8 | 12 | $22,580.27 | $4,579.28 | $18,000.99 | $0.00 | $251,027.86 |
| 9 | 12 | $22,580.27 | $4,915.20 | $17,665.07 | $0.00 | $246,112.66 |
| 10 | 12 | $22,580.27 | $5,275.76 | $17,304.51 | $0.00 | $240,836.89 |
| 11 | 12 | $22,580.27 | $5,662.78 | $16,917.50 | $0.00 | $235,174.12 |
| 12 | 12 | $22,580.27 | $6,078.18 | $16,502.10 | $0.00 | $229,095.94 |
| 13 | 12 | $22,580.27 | $6,524.05 | $16,056.22 | $0.00 | $222,571.89 |
| 14 | 12 | $22,580.27 | $7,002.63 | $15,577.64 | $0.00 | $215,569.25 |
| 15 | 12 | $22,580.27 | $7,516.32 | $15,063.95 | $0.00 | $208,052.93 |
| 16 | 12 | $22,580.27 | $8,067.70 | $14,512.58 | $0.00 | $199,985.23 |
| 17 | 12 | $22,580.27 | $8,659.52 | $13,920.76 | $0.00 | $191,325.71 |
| 18 | 12 | $22,580.27 | $9,294.75 | $13,285.52 | $0.00 | $182,030.96 |
| 19 | 12 | $22,580.27 | $9,976.58 | $12,603.69 | $0.00 | $172,054.38 |
| 20 | 12 | $22,580.27 | $10,708.43 | $11,871.84 | $0.00 | $161,345.95 |
| 21 | 12 | $22,580.27 | $11,493.96 | $11,086.31 | $0.00 | $149,851.99 |
| 22 | 12 | $22,580.27 | $12,337.12 | $10,243.15 | $0.00 | $137,514.87 |
| 23 | 12 | $22,580.27 | $13,242.13 | $9,338.14 | $0.00 | $124,272.74 |
| 24 | 12 | $22,580.27 | $14,213.53 | $8,366.74 | $0.00 | $110,059.21 |
| 25 | 12 | $22,580.27 | $15,256.19 | $7,324.09 | $0.00 | $94,803.02 |
| 26 | 12 | $22,580.27 | $16,375.33 | $6,204.94 | $0.00 | $78,427.69 |
| 27 | 12 | $22,580.27 | $17,576.57 | $5,003.71 | $0.00 | $60,851.12 |
| 28 | 12 | $22,580.27 | $18,865.93 | $3,714.35 | $0.00 | $41,985.20 |
| 29 | 12 | $22,580.27 | $20,249.87 | $2,330.41 | $0.00 | $21,735.33 |
| 30 | 12 | $22,580.27 | $21,735.33 | $844.94 | $0.00 | $0.00 |
Payoff Scenarios Comparison
See how small extra payments create massive savings
| Scenario | Monthly Payment | Total Interest | Payoff Date | Interest Saved |
|---|---|---|---|---|
| Original loan (30yr, 7.1%) | $1,881.69 | $397,408 | May 2056 | baseline |
| Pay $100/mo extra | $1,881.69 + $100 | $327,287 | December 2051 | $70,121 |
| Pay $300/mo extra | $1,881.69 + $300 | $246,787 | July 2046 | $150,622 |
| Refinance to 15yr | $2,532.40 | $175,832 | May 2041 | $221,576 |
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Frequently Asked Questions
What is an amortization schedule?▾
An amortization schedule is a table showing every monthly payment on your mortgage — how much goes to principal, how much to interest, and your remaining balance after each payment. It reveals the true cost of borrowing over 15 or 30 years.
Why does so little of my early payment go to principal?▾
In the early years of a mortgage, most of your payment covers interest because the lender calculates interest on your full loan balance. As your balance drops, more of each payment goes to principal. On a typical 30-year loan, your first payment might be 80%+ interest.
How much can I save by making extra payments?▾
Even small extra payments can save tens of thousands. Adding $100/month to a $280,000 loan at 7.1% can save over $50,000 in interest and pay off the loan years earlier. Use our calculator to see your exact savings.
Should I make extra mortgage payments or invest the money?▾
It depends on your mortgage rate vs expected investment returns and your risk tolerance. Paying extra gives a guaranteed return equal to your interest rate. Investing may earn more long-term but carries market risk. Many people split the difference.
How do I calculate my mortgage payoff date?▾
Your payoff date depends on your loan amount, interest rate, term, and any extra payments. Our calculator shows the exact calendar month and year you'll be debt-free, and how extra payments move that date earlier.
What's Next?
Keep going — here's what most people calculate next.
Find homes in your budget →
Work backwards from your income to see your maximum home price.
Compare to renting →
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