Mortgage Amortization Schedule Calculator
See your full payment schedule and how extra payments can accelerate your payoff.
What is a Mortgage Amortization Schedule?
An amortization schedule is a table detailing each periodic payment on an amortizing loan. While your monthly payment remains the same, the portion of that payment going toward interest decreases over time, while the portion going toward principal increases.
Early in your loan term, the majority of your payment goes to the lender as interest. As the balance drops, the interest charge is calculated on a smaller amount, allowing more of your payment to chip away at the principal balance.
How Extra Payments Affect Your Amortization
Even small extra payments made early in the loan can have a massive impact. Because interest is compounded, every dollar of principal you pay off early is a dollar that you won't have to pay interest on for the remaining years of the loan.
Shorten Your Loan Term
Consistent extra principal payments can shave years off a 30-year mortgage, helping you reach the "debt-free" milestone much sooner.
Maximize Interest Savings
Reducing the principal balance faster significantly lowers the total interest paid to the bank, keeping more money in your pocket.
The Benefit of Bi-Weekly Payments
A popular strategy is to make half of your mortgage payment every two weeks. Resulting in 26 half-payments (or 13 full payments) per year, this simple trick can reduce a 30-year mortgage by about 4 to 6 years depending on your interest rate. Use our amortization calculator to see how different payout frequencies impact your long-term savings.