A mortgage amortization schedule shows every payment from month one through payoff — how much goes to interest, how much reduces your balance, and what you still owe after each payment. On a $300,000, 30-year mortgage at 6%, the first payment of $1,798.65 sends $1,500.00 to interest and only $298.65 to principal.
That ratio flips slowly over time. By month 200 — roughly year 17 — your payment sends about $890 to interest and $909 to principal. You cross the midpoint of your balance not at month 180 (year 15) but at month 238 (nearly year 20). The amortization table makes this visible.
Reading the amortization table
The schedule has four columns: payment number, interest paid, principal paid, and remaining balance. Expand it below the calculator to see every month. Download it as a CSV to build your own projections in a spreadsheet.
The year-summary view collapses the table to show annual totals — useful for tax purposes in countries where mortgage interest is deductible, and for tracking how much equity you have built each year.
Your balance at any given month is also the payoff amount if you chose to sell the house or pay it off early. Lenders sometimes quote a slightly higher payoff figure due to interest accrued since the last payment date — the schedule assumes payments land exactly on the due date.
The front-loaded interest problem
Standard mortgage amortization is structured so that your payment is equal every month. But equal payments do not mean equal principal reduction. Because interest is charged on the outstanding balance — which is highest at the start — the early payments are dominated by interest.
On a $300,000 / 6% / 30-year mortgage, you pay $347,515 in interest over the life of the loan. More than half of that interest — roughly $180,000 — is paid in the first 15 years, even though by year 15 you have only reduced your balance to around $235,000 (about 78% of the original balance). This is the amortization asymmetry that makes extra early payments so valuable.
The schedule shows this explicitly: look at the cumulative interest column vs the cumulative principal column in any early year.
When you reach 20% equity — and why it matters
In the US, borrowers who put down less than 20% are required to pay PMI (private mortgage insurance). PMI cancels automatically when the loan-to-value ratio falls to 78% of the original purchase price, or can be requested at 80% LTV. Use the schedule to find the exact month your balance hits those thresholds.
On a $300,000 loan (assuming 80% LTV on a $375,000 property), 80% LTV is a balance of $300,000 — you start there. PMI cancellation at 78% LTV ($292,500) happens when the balance drops to $292,500. On a 6% / 30-year mortgage, that takes about 27 months. Read down the balance column in the schedule to find the exact month for your specific numbers.
Frequently asked questions
What is a mortgage amortization schedule?
A mortgage amortization schedule is a complete table of every payment you will make — from the first month through payoff — showing how each payment splits between interest and principal, and what your remaining balance is after each payment. The schedule is fixed at the start of the loan for a fixed-rate mortgage; an adjustable-rate mortgage's schedule changes when the rate resets.
How do I find my mortgage amortization schedule from my lender?
Your mortgage lender or servicer will provide an amortization schedule at closing or on request. Log into your online account and look for "payment schedule" or "amortization table." If you cannot find it, this calculator generates an identical schedule from your loan's three core parameters — principal, rate, and term.
Does this "mortgage amortization calculator" do the same thing as the "amortization calculator"?
Yes — the math is identical. The generic amortization calculator at /amortization-calculator uses the same engine with neutral defaults. This page uses mortgage-sized defaults and mortgage-specific copy. If you have a different loan type, use the generic calculator or the dedicated auto loan or personal loan pages.
How is interest calculated each month on a mortgage?
Monthly interest = outstanding balance × (annual rate ÷ 12). On a $300,000 balance at 6% annual rate, month one interest = $300,000 × (0.06 ÷ 12) = $300,000 × 0.005 = $1,500. The rest of the $1,798.65 payment ($298.65) reduces the balance. Month two charges interest on $299,701.35, and so on.
Worked examples
Standard 30-year mortgage — equity milestone tracking
$350,000 at 6.5% for 30 years. Focus: when does the outstanding balance cross key equity thresholds — 90%, 80%, 75%, and 50% of original loan?
Monthly payment
$2212.24
Total interest
$446,406
Total paid
$796,406
Loan term
30 years
Monthly P&I: $2,212.24. Total interest: $446,606. Balance falls below 90% of original ($315,000) around month 29. Falls below 80% ($280,000) around month 87 — year 7, which is typically when scheduled PMI cancellation becomes available. Reaches 50% ($175,000) around month 258 — over 21 years in. The schedule makes these milestone dates exact and plannable.
Jumbo mortgage — slower equity curve
$600,000 at 7% for 30 years. Shows how a higher-balance loan with a higher rate makes equity accumulation especially slow in the first decade.
Monthly payment
$3991.81
Total interest
$837,053
Total paid
$1,437,053
Loan term
30 years
Monthly P&I: $3,991.81. Total interest: $836,853. After 5 years (60 payments), the outstanding balance is approximately $573,000 — only $27,000 of $600,000 in principal has been repaid, while over $200,000 in interest has been paid. The amortization schedule makes this front-loading explicit, which is critical for planning a sale or refinance at year 5.
20-year mortgage — accelerated equity, manageable payment
$275,000 at 5.75% for 20 years. Often overlooked between the 15 and 30, the 20-year offers materially faster equity building without the 15-year payment shock.
Monthly payment
$1930.73
Total interest
$188,375
Total paid
$463,375
Loan term
20 years
Monthly P&I: $1,939.70. Total interest: $190,528 — vs $322,000+ on a 30-year at the same rate. At year 10 (month 120), the balance is approximately $160,000 — nearly 42% paid off. Compare this to a 30-year: at year 10, the same loan has only reduced the balance by roughly 15–18%. The 20-year schedule is the equity-building sweet spot for borrowers who can support the payment.
Total interest paid on a $350,000 mortgage by rate and term
Lifetime interest cost in dollars. Lower rate + shorter term = dramatically lower total cost.
| Interest rate (%) | 180 mo | 240 mo | 300 mo | 360 mo |
|---|---|---|---|---|
| 5.5% | $165k | $228k | $295k | $365k |
| 6% | $182k | $252k | $327k | $405k |
| 6.5% | $199k | $276k | $359k | $446k |
| 7% | $216k | $301k | $392k | $488k |
| 7.5% | $234k | $327k | $426k | $531k |
A 1% rate difference on a $350k / 30yr loan changes lifetime interest by over $70,000. Choosing 20 vs 30 years at the same rate saves over $130,000 in total interest.
What affects your loan outcome
Rate × term combination
Total interest is driven by both the rate and the number of periods it compounds over. A 30-year loan at 7% accumulates interest for 360 months; a 15-year at 6% (typical rate advantage) computes interest for only 180 months. The interaction of these two variables — not either one alone — determines total cost and the shape of the equity curve.
Loan-to-value ratio and PMI
The amortization schedule shows exactly when the outstanding balance falls to 80% of the original purchase price — the threshold at which PMI becomes cancellable by request (per the US Homeowners Protection Act). At 78% LTV, the servicer is legally required to cancel PMI automatically on conventional loans. Reviewing the schedule at origination lets you plan for this date rather than discover it retroactively.
Home appreciation vs loan paydown
Your equity position has two components: principal paydown (tracked exactly by the amortization schedule) and home value appreciation (not modeled by this calculator — it depends on market conditions). Equity = current market value − outstanding balance. The schedule provides the balance figure; you supply the market value estimate to compute current equity percentage.
More loan questions
What is a mortgage amortization schedule and why does it matter?
A mortgage amortization schedule is the complete month-by-month ledger of your loan — every payment from month 1 through the final payment, showing how much goes to interest, how much reduces principal, and the remaining balance after each payment. It matters because it reveals the true cost trajectory of your mortgage: in the early years, a large majority of each payment is interest (on a 30-year loan at 6.5%, roughly 75% of the first payment is interest); equity builds slowly at first, then accelerates. Understanding this schedule helps you plan extra payments, refinancing decisions, and PMI cancellation timing.
How do I read a mortgage amortization table?
Each row represents one month. Columns show: (1) payment number; (2) total payment amount (stays constant for a fixed-rate loan); (3) interest portion — the current balance multiplied by the monthly rate; (4) principal portion — total payment minus interest; (5) remaining balance after the payment. As you move down the table, the interest column shrinks and the principal column grows — this shift is the defining characteristic of amortization.
Does the amortization schedule change if I make extra payments?
Yes. Extra principal payments reduce the remaining balance immediately, which lowers the interest charged in every subsequent period and shortens the time to payoff. The original scheduled payment amount stays the same (the loan is not re-amortized), but each future row in the effective schedule will show a smaller balance than the original table, and the loan reaches a zero balance earlier than the original term. Switch to the Payoff Accelerator mode to see the revised schedule with your extra payment included.
What this calculator computes — and what it does not
This calculator models fixed-rate, fully amortizing loans using the standard amortization formula. A number of real-world factors are outside its scope.
- 1.Results are estimates, not guarantees. Actual loan costs depend on the exact terms in your loan agreement, any fees charged at origination, how the lender applies payments, and whether you make every payment exactly on schedule. This calculator assumes all payments are made on time with no changes.
- 2.Interest rates are user-supplied, not live market data. This tool does not connect to any rate feed. The rate you enter should come from a lender quote or your loan agreement. Current rates vary by lender, credit score, loan type, and market conditions — this calculator cannot provide those figures.
- 3.Property taxes, insurance, and PMI are excluded unless toggled on. The payment computed here is principal and interest only. For a mortgage, your total monthly obligation includes property taxes, homeowners insurance, and PMI (if your down payment is under 20%) — collected in escrow by most lenders. These can add $200–$800 or more per month to the P&I payment shown.
- 4.APR vs. interest rate. This calculator uses the stated interest rate for payment math. APR (Annual Percentage Rate) is always higher than the interest rate because it spreads lender fees over the loan term. APR is the correct metric for comparing loan costs across lenders; the stated rate is the correct input for computing the payment schedule.
- 5.Variable-rate loans cannot be accurately projected. This calculator models fixed-rate amortization only. For adjustable-rate mortgages (ARMs), tracker mortgages, or variable-rate personal loans, the payment changes when the rate resets — the full-term projection would require assumptions about future rates that cannot be known in advance.
This calculator is for educational and planning purposes only. It does not constitute financial, mortgage, or legal advice.