Amortization Calculator
See your complete loan payment schedule and discover how extra payments can cut years off your mortgage.
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What Is Amortization?
Amortization is the process of paying off a loan through regular payments over time. Each payment is split between interest (what the lender charges) and principal (reducing your balance). Early in the loan, most of each payment goes to interest — toward the end, most goes to principal.
Why Interest Is Front-Loaded
Every monthly payment is calculated on your current balance, not your original loan amount. In month one of a 30-year loan, your balance is at its highest, so the largest possible share of that fixed payment goes to interest — often 75–85% of it. As the balance shrinks month by month, the interest portion shrinks with it and the principal portion grows, even though your total payment stays the same on a fixed-rate loan. This is why a 30-year loan feels like it "barely moves" the balance for the first several years — you're paying mostly for the use of the money, not paying it down.
How the Schedule Shifts Over Time
The crossover point — where more of your payment goes to principal than interest — typically lands around the halfway mark of the loan's term on a standard 30-year fixed loan, though it depends on your rate. Scroll through the table above and watch the principal and interest columns cross; that's the moment your equity starts building noticeably faster each year.
Why Extra Payments Save So Much
Because interest is calculated on your remaining balance, every extra dollar of principal you pay today reduces the interest that accrues for every remaining month of the loan — not just this one. That compounding effect is strongest early in the loan, when the balance (and therefore future interest) is largest. A single extra $200/month payment on a 30-year loan at 7% can cut 4–6 years off the loan and save over $60,000 in interest. Use the slider above to see the exact savings for your loan amount and rate.
How to Use This Table
Scroll through the full schedule to see exactly how much of each payment goes to interest vs. principal each month. Notice how the interest portion decreases as the balance falls — that's amortization at work.
Should I Refinance Instead of Making Extra Payments?
If rates have dropped since you got your loan, refinancing can lower your base payment and reduce interest even without extra payments. Use our Refinance Calculator to see your breakeven point.