Loan & Mortgage
Work out the monthly payment on any loan or mortgage, see how much goes to interest, and find out how much time and money extra payments save.
Hover or focus the chart and use the arrow keys to step through it.
Amortization schedule
| # | Date | Payment | Principal | Interest | Balance |
|---|
How the payment is worked out
The principal-and-interest payment uses the standard amortization formula, M = P × r / (1 − (1 + r)^−n), where P is the amount borrowed, r the monthly rate (APR ÷ 12) and n the number of payments. For a $320,000 loan at 6.5% over 30 years that is $2,022.62 a month.
Each month, interest is charged on the remaining balance and the rest of the payment reduces the balance. Early payments are mostly interest; by the last years they are mostly principal. The chart shows that shift.
In mortgage mode the total monthly figure adds property tax (a percentage of the home price), homeowner’s insurance, HOA dues and PMI. PMI is applied only when the down payment is under 20% and drops off once the balance reaches 78% of the original price, the point where US lenders must cancel it automatically on conventional loans.
Extra payments
Anything you pay on top of the required amount goes straight to principal, so every later month charges interest on a smaller balance. The calculator runs the schedule twice, with and without the extra, and reports the interest and time saved. Check that your lender applies extra payments to principal and has no prepayment penalty.
Questions
What is the monthly payment on a $300,000 mortgage?
At 6.5% over 30 years, principal and interest come to about $1,896 a month. Taxes, insurance and any PMI or HOA dues come on top, which is why the total payment is often $500–$800 higher. Enter your own figures in mortgage mode to see the full amount.
How much does an extra $100 a month save?
On a $320,000, 30-year loan at 6.5%, an extra $100 a month saves roughly $62,000 in interest and ends the loan almost 4 years early (3 years 10 months). The earlier in the loan you start, the more it saves.
Is APR the same as the interest rate?
Not quite. The note rate sets your payment; APR also spreads lender fees across the loan, so it is usually a little higher. Use the note rate here for the most accurate payment, or APR to compare offers.
What is PMI and when does it go away?
Private mortgage insurance protects the lender on conventional loans with less than 20% down. It typically costs 0.3%–1.5% of the loan a year. You can ask to cancel it once the balance reaches 80% of the original value, and it ends automatically at 78%.
Can I print or save the amortization schedule?
Yes. Open the schedule, switch between monthly and yearly views, and use Download CSV to open it in Excel, Numbers or Google Sheets.