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Amortization Calculator: See Your Full Payment Schedule
Use this amortization calculator to see how every mortgage payment splits between principal and interest, how fast the balance falls, and how much total interest a given rate and term really cost you.
An amortization calculator turns a loan amount, interest rate, and term into a fixed monthly principal and interest payment, then shows how that payment divides between interest and principal each period. Early payments are mostly interest because interest is charged on the outstanding balance, and the principal share grows every month until the loan reaches zero.
- ✓Amortization is the process of paying a loan to zero through equal periodic payments of principal and interest.
- ✓Interest is calculated on the outstanding balance, so early payments are interest-heavy and later payments are principal-heavy.
- ✓Shortening the term raises the monthly payment but sharply reduces lifetime interest.
- ✓This tool shows principal and interest only; taxes, insurance, mortgage insurance, and association dues are separate.
- ✓Extra principal payments change the schedule and shorten the payoff date.
What this means for you: Read the schedule, not just the payment, because term length usually drives lifetime interest more than a small rate difference does.
Written by
Simply Approved Mortgages Team
Licensed Loan Officers · NMLS# 2620881
Get your personalized scenario summary
Complete the short request and a Simply Approved Mortgages Loan Officer sends back a written summary built from your own numbers: estimated payment breakdown, estimated cash to close, the loan structures that fit your file, and what documentation the file will need.
- Estimated monthly payment with taxes and insurance
- Estimated cash to close for your scenario
- Loan options your profile may fit
- Document checklist for your file
Takes about 3 minutes · Summary shown on screen and emailed to you
Illustration only, generated from the information you enter. Not a rate quote, lock, loan estimate, pre-qualification, offer, approval, or commitment to lend. Figures are subject to credit, income, asset and property review and full lender underwriting; binding numbers appear on your Loan Estimate.
Scenario summary
- Purchase price entered
- $412,000
- Down payment entered
- $20,600
- Estimated loan amount
- $391,400
- Estimated cash to close
- $14,300
- Programs reviewed
- 4
Sample layout with example figures — your own numbers replace these. Simply Approved Mortgages LLC · NMLS #2620881 · Equal Housing Opportunity.
Amortization Calculator
Build your amortization schedule
See how each payment splits between principal and interest, and how the balance falls year by year. Principal and interest only — property taxes, homeowners insurance, mortgage insurance, and association dues are not included. Educational only, not a quote, lock, offer, or commitment to lend.
Illustrative results
Figures are illustrative and depend on eligibility, program, and final terms. Binding figures appear on your Loan Estimate.
| Year | Principal paid | Interest paid | Remaining balance |
|---|---|---|---|
| 1 | $4,471 | $25,868 | $395,529 |
| 2 | $4,770 | $25,569 | $390,759 |
| 3 | $5,090 | $25,249 | $385,669 |
| 4 | $5,431 | $24,909 | $380,238 |
| 5 | $5,794 | $24,545 | $374,444 |
| 6 | $6,182 | $24,157 | $368,261 |
| 7 | $6,596 | $23,743 | $361,665 |
| 8 | $7,038 | $23,301 | $354,627 |
| 9 | $7,510 | $22,830 | $347,117 |
| 10 | $8,013 | $22,327 | $339,105 |
| 11 | $8,549 | $21,790 | $330,555 |
| 12 | $9,122 | $21,218 | $321,434 |
| 13 | $9,733 | $20,607 | $311,701 |
| 14 | $10,384 | $19,955 | $301,316 |
| 15 | $11,080 | $19,259 | $290,237 |
| 16 | $11,822 | $18,517 | $278,415 |
| 17 | $12,614 | $17,726 | $265,801 |
| 18 | $13,458 | $16,881 | $252,342 |
| 19 | $14,360 | $15,979 | $237,983 |
| 20 | $15,322 | $15,018 | $222,661 |
| 21 | $16,348 | $13,992 | $206,314 |
| 22 | $17,442 | $12,897 | $188,871 |
| 23 | $18,611 | $11,729 | $170,260 |
| 24 | $19,857 | $10,482 | $150,403 |
| 25 | $21,187 | $9,152 | $129,217 |
| 26 | $22,606 | $7,734 | $106,611 |
| 27 | $24,120 | $6,220 | $82,491 |
| 28 | $25,735 | $4,604 | $56,756 |
| 29 | $27,459 | $2,881 | $29,298 |
| 30 | $29,298 | $1,042 | $0 |
Next steps
Emailing your Amortization calculator scenario opens our secure request form so a Simply Approved Mortgages Loan Officer can review those numbers. Estimates are illustrative and are not a quote, lock, offer, or commitment to lend.
Assumptions, methodology, and limitations
Payments use the standard fixed-rate amortization formula: each month interest equals the remaining balance times the monthly rate, and the rest reduces principal. The schedule assumes a fixed rate, on-time payments, and no recast.
It excludes property taxes, homeowners and flood insurance, HOA dues, mortgage insurance, and any late fees or servicing charges.
Results are illustrative estimates only and are not a quote, lock, offer, or commitment to lend. No rate, APR, or program approval is implied. Binding figures appear on your Loan Estimate. Eligibility, terms, and availability vary by borrower, property, lender, loan program, and state.
Run your scenario with a loan officer
Share your numbers and a Simply Approved Mortgages Loan Officer sends back an estimated payment, estimated cash to close, and the structures that fit your file. Educational only — not a quote, lock, offer, or commitment to lend.
How amortization works
A fixed-rate mortgage uses a level payment. The payment amount never changes, but its composition does. Each month the servicer calculates interest on the current outstanding balance, applies that amount to interest, and applies the rest to principal. Because the balance falls a little each month, the interest portion falls and the principal portion grows. This is why a payoff quote in year three looks so much larger than borrowers expect.
The standard formula for the level payment is:
payment = L × r × (1 + r)^n ÷ ((1 + r)^n − 1)
where L is the loan amount, r is the monthly interest rate (annual rate divided by twelve), and n is the number of monthly payments.
What this calculator includes and excludes
The schedule below shows principal and interest only. Your actual housing payment usually also includes property taxes, homeowners insurance, mortgage insurance where applicable, and any homeowners or condominium association dues. Those amounts are escrowed or billed separately and are not part of amortization. For a full payment estimate, use the mortgage calculator hub.
How to read the schedule
- Principal paid — how much of the balance you retired that year. It grows every year.
- Interest paid — the cost of borrowing that year. It falls every year.
- Remaining balance — what you would still owe at the end of that year, before any extra payments.
Want these numbers built around your file?
A short request is all it takes to get a written scenario summary back from a Simply Approved Mortgages Loan Officer. Binding figures appear on your Loan Estimate.
Term length versus rate
Borrowers focus on rate, but term drives lifetime interest just as hard. Moving from a 30-year to a 15-year term on the same balance raises the monthly payment substantially while cutting total interest dramatically, because you are borrowing the money for half as long. Run both terms in the calculator before assuming the longer term is the affordable choice; sometimes it is, and sometimes the difference is smaller than expected.
What changes your real schedule
Extra principal payments, recasts, escrow adjustments, and refinances all alter the path. Adjustable-rate loans re-amortize at each adjustment using the new rate and the remaining term, so their schedule is only fixed through the initial period. If you plan to prepay, the extra payment calculator models the effect on payoff date and total interest.
This is an educational tool. Results are estimates based on the values you enter and are not a quote, lock, offer, or commitment to lend. Binding figures appear on your Loan Estimate and Closing Disclosure.
What you can do with this loan
See how much of each payment goes to interest in the early years.
Compare total interest on a 15-year versus a 30-year term.
Estimate your balance at a future sale or refinance date.
Sanity-check a payoff quote from your servicer.
Plan the point at which you will reach 80% loan-to-value.
Pros & cons — honest tradeoffs
Pros — Pros & cons
- +Shows the full schedule, not just the monthly payment.
- +Makes the true cost of a longer term visible.
- +Helps you time a refinance or a mortgage insurance removal request.
- +Works for any fixed-rate installment loan, not only mortgages.
- +No personal information required to run a scenario.
Cons / watch-outs — Pros & cons
- −Excludes taxes, insurance, mortgage insurance, and association dues.
- −Assumes a fixed rate for the entire term.
- −Does not model extra payments; use the extra payment calculator for that.
- −Rounding means results are close estimates, not servicer-exact figures.
- −Does not reflect fees, points, or the annual percentage rate.
Compare loan officer compensation on your mortgage quote
Loan officer compensation is part of the cost of a mortgage. On eligible residential loans, Simply Approved Mortgages generally uses 1.5% lender-paid compensation. Enter the compensation shown on another lender's Loan Estimate to see the difference in dollars.
Compensation difference on this illustration: $3,750.
How lower compensation can help you
When less compensation is built into pricing, there can be room for a lower interest rate, which may lower your monthly payment.
Depending on the rate you choose, pricing can sometimes include a lender credit toward third-party closing costs, so you may bring less cash to closing.
A lower rate means a lower monthly payment, which can lower your debt-to-income ratio and may help you qualify for more home on the same income.
As a mortgage broker we compare pricing from wholesale lenders instead of offering a single bank’s retail pricing.
Tip: On page 2 of your Loan Estimate, look at Section A, "Origination Charges." If the lender pays the loan officer, that compensation usually does not appear there as its own line; it is built into the interest rate. That is why comparing the rate and any lender credits side by side matters.
Already have a Loan Estimate from another bank or broker? Share it with a Simply Approved Mortgages Loan Officer, who will compare the rate, fees and credits side by side with options we can arrange. No cost to request a review.
Illustration only — not a quote, lock, offer, or commitment to lend; binding figures appear on your Loan Estimate. Lender-paid compensation is paid by the lender, not directly by you, and is part of the loan's pricing, so the loan is not free of costs. A lower compensation figure does not by itself guarantee a lower rate or lower closing costs; individual results vary by credit, loan type, property and market conditions. Residential lending in FL and CO only. Simply Approved Mortgages LLC · NMLS #2620881 · Equal Housing Opportunity.
Purchase market update
What buyers should know this month
30-Yr Fixed · national avg
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15-Yr Fixed · national avg
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2026 buying power
Conforming baseline: $832,750
FHA floor / ceiling: $541,287 – $1,249,125
Year-by-year schedule
Principal, interest, and remaining balance for every year of the loan.
Principal & interest only
Taxes, insurance, and association dues are billed separately.
Compare terms instantly
Switch between 10, 15, 20, 25, and 30 years to see lifetime interest change.
Cost and payment tools
Run your payment, affordability, closing cost and refinance numbers
Monthly payment, affordability, closing costs, refinance break-even and early payoff, all on one screen. This page is not written for one state, so property tax, insurance and transfer or recording charges start at neutral placeholder assumptions rather than published averages — Transfer, documentary-stamp and recording charges are set by your state and county — enter your own figure, or open the state page for a sourced seed. Insurance and tax assumptions vary widely by state, county and property, so replace these starting values with quotes for your address. Every figure is an illustrative estimate, not a quote, lock, offer, approval, or commitment to lend.
Your inputs
Estimated result
- Down payment
- $20,000
- Loan amount
- $380,000
- Principal & interest
- $2,402
- Property tax
- $333/mo
- Homeowners insurance
- $167/mo
- Estimated total monthly
- $2,902/mo
Reference sources: Tax Foundation — property taxes paid as a percentage of owner-occupied housing value, NAIC — Homeowners Insurance Report, CFPB — Understanding your Loan Estimate.
Assumptions, methodology, and limitations
Principal and interest use the standard amortization formula on the loan amount you enter. This page does not target a single state, so the property tax and insurance fields start at neutral placeholder assumptions rather than published averages — replace them with figures for your own address, or open the matching state page for sourced seeds. Closing costs apply your state's transfer / documentary-stamp practice (0.00% of price used as the buyer-side seed) plus typical title, recording, appraisal, credit and prepaid escrow lines. Refinance break-even divides your entered costs by the monthly payment difference. Early payoff runs a month-by-month amortization with your extra principal.
These tools do not include mortgage insurance, funding or guarantee fees, HOA special assessments, flood or windstorm premiums, seller credits, lender credits, discount points, or county and municipal charges specific to your parcel. Statewide averages will not match any individual property. Figures are estimates only.
Illustrative only. Binding figures appear on your Loan Estimate, and terms vary by borrower, property, lender, program, and state.
Turn these estimates into real numbers
Send your scenario to a Simply Approved Mortgages Loan Officer and get a written summary back, or compare where rates sit today. Educational only — not a quote, lock, offer, approval, or commitment to lend.
Amortization calculator FAQs
Answers to the most common amortization calculator questions, written by licensed loan officers.
Ask SAM anything about mortgages
SAM is the Simply Approved Mortgages AI assistant. It answers general questions using the reviewed guides published on this site and links you to the primary government source. It is educational only — it does not quote a rate, payment, APR, approval or commitment to lend. A Simply Approved Mortgages Loan Officer reviews every scenario before any terms are confirmed.
Hi, I'm SAM — an AI assistant for Simply Approved Mortgages. I can explain loan programs, closing costs, DTI, down payments and which calculator or guide to use. I'm not a licensed loan officer, and nothing here is a quote, approval or commitment to lend.
Ask Sam AI provides general educational information only. It is an automated assistant, may be incomplete or out of date, and does not provide legal, tax or financial advice. Nothing it produces is a rate quote, APR, pre-approval, offer or commitment to lend. Never share a Social Security number, ITIN, date of birth, account number or password in chat. Simply Approved Mortgages LLC (NMLS #2620881) arranges residential mortgage loans in Florida and Colorado. Eligibility, terms, conditions and availability vary by borrower, property, lender, loan program and state, and all loans are subject to lender underwriting and approval. Equal Housing Opportunity.
Trusted government resources
These independent government resources can help you research mortgage programs, rates, and your rights before you apply.
CFPB
CFPB — Loan Estimate Explainer
CFPB
CFPB — Understanding Loan Options
Federal Reserve
Federal Reserve — Consumer Handbook on Adjustable-Rate Mortgages
Simply Approved Mortgages is not affiliated with HUD, the CFPB, the FTC, the VA, or any other government agency. Links are provided for your independent verification.
How this page connects
Where this fits in the mortgage calculators library
This page sits inside our Mortgage calculators coverage.
What most readers open next
- The affordability worksheetBecause to work back from income rather than price.
- What PITI includesBecause the escrow half of the payment surprises most buyers.
- Closing cost detailBecause the calculator payment excludes what you bring to closing.
- Getting pre-approvedBecause to turn an estimate into a documented number.
Explore the full guide
Keep reading — the rest of the buying playbook
Each of these is a deep-dive on one piece of the purchase mortgage process. Bookmark whichever you need next.
Guide
Mortgage Calculator Hub
Full payment estimate including taxes and insurance.
Read the guide →Guide
Extra Payment Calculator
See how prepaying shortens your payoff.
Read the guide →Guide
Refinance Calculator
Break-even and lifetime interest comparison.
Read the guide →Guide
15-Year Mortgage Rates
Compare the shorter-term option.
Read the guide →Guide
How to Remove PMI
Use your balance to plan cancellation.
Read the guide →Guide
Mortgage Glossary
Plain-language definitions of loan terms.
Read the guide →Internal library
Related mortgage guides across our library
Follow the next relevant guide for your scenario.
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Simplify Your Mortgage Journey with These Resources
Talk To A Loan Officer
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Plain-language articles to help you understand the home loan process, save on closing costs, and make confident decisions.
7 things every first-time homebuyer should know before applying
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Using your VA loan benefit: a step-by-step guide
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Where your closing costs actually go (and where you can save)
A line-by-line breakdown of the Loan Estimate and the fees that are negotiable versus fixed.
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Broker identification. Simply Approved Mortgages LLC is a mortgage broker and is not a direct lender. We arrange residential mortgage loans with third-party wholesale lenders and do not make the lender's final credit decision or fund the loan. We arrange residential mortgage loans in Florida and Colorado. Business-purpose mortgage products may be arranged in additional states only where permitted by applicable law and pursuant to applicable licensing requirements or exemptions.
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