Amortization Calculator – Full Payment Schedule
See principal and interest breakdown for every loan payment. Understand how much equity you build over time.
📊 Finance📐 Interest = Balance × Monthly Rate | Principal = Payment − Interest
Loan amount ($)
Annual rate (%)
Term (years)
Please enter valid values.
Formula & Reference
| Variable | Formula | Units |
|---|---|---|
| Amortization Calculator – Full Payment Schedule | Interest = Balance × Monthly Rate | Principal = Payment − Interest | $/month |
Step-by-Step Examples
Example 1
$300K, 6.5%, 30yr
$300,000 mortgage, 6.5%, 30 years.
- Monthly: $1,896 | Total: $682,560
- Interest: $382,560 | First payment: 85% interest!
✓ $1,896/month
Example 2
15yr vs 30yr
$300K at 6.5%: 30yr saves $475/month but costs $206K more.
- 15yr: $2,371/mo, $426,780 total | 30yr: $1,896/mo, $682,560 total
✓ 15yr saves $206K total
Example 3
Extra Principal Payment
$300K, 6.5%, 30yr, extra $200/month.
- Saves ~5 years and ~$75K in interest!
✓ Huge savings with extras
Real-World Applications
Borrowers
Understand your full loan repayment schedule.
Home Buyers
See how slowly equity builds at first.
Financial Planners
Create detailed payoff projections.
Bankers
Explain loan terms to customers.
Common Mistakes to Avoid
⚠️
Front-loaded interest shock
On a 30yr mortgage, ~85% of the first payment is interest. Equity builds very slowly at first.
⚠️
Only looking at monthly payment
A 30yr vs 15yr mortgage can cost $200K+ more in total interest.
Frequently Asked Questions
What is amortization? ▾
Paying off a loan through regular payments. Each payment covers interest first, then reduces principal.
Why is early equity so slow? ▾
Early payments are mostly interest. As balance falls, more goes to principal — growth accelerates later.
How to build equity faster? ▾
Make extra principal payments. Even $100/month extra on a 30yr mortgage can shave 5+ years off.