Amortization Calculator
See how each year's payments split between principal and interest, and how much paying extra shortens the loan.
| Monthly payment | $1,199.10 |
|---|---|
| Paid off in | 30 years |
| Total interest | $231,676.38 |
| Year 1 | paid $2,456.02 principal, $11,933.19 interest; balance $197,543.98 |
| Year 2 | paid $2,607.51 principal, $11,781.71 interest; balance $194,936.47 |
| Year 3 | paid $2,768.33 principal, $11,620.88 interest; balance $192,168.14 |
| Year 4 | paid $2,939.08 principal, $11,450.14 interest; balance $189,229.06 |
| Year 5 | paid $3,120.35 principal, $11,268.86 interest; balance $186,108.71 |
| Year 6 | paid $3,312.81 principal, $11,076.41 interest; balance $182,795.91 |
| Year 7 | paid $3,517.13 principal, $10,872.08 interest; balance $179,278.77 |
| Year 8 | paid $3,734.06 principal, $10,655.15 interest; balance $175,544.71 |
| Year 9 | paid $3,964.37 principal, $10,424.84 interest; balance $171,580.34 |
| Year 10 | paid $4,208.89 principal, $10,180.33 interest; balance $167,371.45 |
| Year 11 | paid $4,468.48 principal, $9,920.73 interest; balance $162,902.97 |
| Year 12 | paid $4,744.09 principal, $9,645.13 interest; balance $158,158.88 |
| Year 13 | paid $5,036.69 principal, $9,352.52 interest; balance $153,122.19 |
| Year 14 | paid $5,347.34 principal, $9,041.87 interest; balance $147,774.85 |
| Year 15 | paid $5,677.16 principal, $8,712.06 interest; balance $142,097.69 |
| Year 16 | paid $6,027.31 principal, $8,361.90 interest; balance $136,070.38 |
| Year 17 | paid $6,399.06 principal, $7,990.15 interest; balance $129,671.31 |
| Year 18 | paid $6,793.74 principal, $7,595.47 interest; balance $122,877.57 |
| Year 19 | paid $7,212.77 principal, $7,176.45 interest; balance $115,664.81 |
| Year 20 | paid $7,657.63 principal, $6,731.58 interest; balance $108,007.17 |
| Year 21 | paid $8,129.94 principal, $6,259.27 interest; balance $99,877.23 |
| Year 22 | paid $8,631.38 principal, $5,757.84 interest; balance $91,245.86 |
| Year 23 | paid $9,163.74 principal, $5,225.47 interest; balance $82,082.12 |
| Year 24 | paid $9,728.94 principal, $4,660.27 interest; balance $72,353.17 |
| Year 25 | paid $10,329.00 principal, $4,060.21 interest; balance $62,024.17 |
| Year 26 | paid $10,966.07 principal, $3,423.14 interest; balance $51,058.10 |
| Year 27 | paid $11,642.43 principal, $2,746.78 interest; balance $39,415.67 |
| Year 28 | paid $12,360.51 principal, $2,028.70 interest; balance $27,055.16 |
| Year 29 | paid $13,122.88 principal, $1,266.33 interest; balance $13,932.27 |
| Year 30 | paid $13,932.27 principal, $456.94 interest; balance $0.00 |
How to use it
- Enter the loan amount, rate and term.
- Optionally add an extra amount you will pay toward principal every month.
- The schedule lists every year: principal paid, interest paid and the balance left.
Formula
Payment M = P × i ÷ (1 − (1 + i)^−n), i = rate ÷ 12, n = years × 12- Each month: interest = balance × i; principal = M + extra − interest; balance falls by the principal
Example
A $200,000 loan at 6% for 30 years costs $1,199.10 a month and $231,676.38 in total interest. In year 1 only $2,456.02 of the $14,389.21 paid goes to principal. Adding $200 a month pays it off in 21 years and saves $79,800.51 in interest.
Questions
Why is so much interest paid early?
Interest is charged on the balance, which is largest at the start. As the balance falls, more of each payment goes to principal.
Does the lender have to apply extra payments to principal?
Ask your servicer and mark extra payments as principal-only. Some loans have prepayment penalties; most U.S. home loans today don't.
Does this include taxes and insurance?
No, it covers the loan only. For the full monthly housing cost use the mortgage calculator.
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Last reviewed 2026-10-11. Found a mistake? Tell us.