MortgageDaily CalculatorAmortization Schedule Calculator
See every payment broken down by principal and interest — month by month. Find out how extra payments can save you years and tens of thousands.
Amortization Schedule—
| # | Date | Payment | Extra | Principal | Interest | Balance | Equity |
|---|
Reading Your Amortization Schedule
What You Need to Understand
Amortization Schedule FAQ
Why does so little of my payment go to principal at first?
How do extra payments affect amortization?
Is a 15-year or 30-year mortgage better?
How much total interest will I pay on my loan?
Can I download my amortization schedule?
Where can I learn more about mortgage amortization?
What does amortization mean?
Amortization is the process of paying off a loan in a series of fixed payments. Each instalment is directed toward either the loan principal or accrued interest.
A mortgage loan starts with a large portion of the payment going towards interest, with a much smaller amount applied to the loan principal.
You can think of this as a type of insurance policy for the lender. They want to get their money back as quickly as possible.
Over time, this allocation switches, and the principal will gradually begin to receive more and more each month.
While the split changes over the life of the loan, the monthly payments remain constant.
What is an Amortization Schedule?
Amortization gives you better insight on your payment distribution.
An amortization schedule breaks this concept down even further. The schedule can be referenced to further understand how your loan disbursement will fluctuate over time.
Here’s an overview of what an amortization schedule will provide you with:
- Scheduled Payments: each monthly payment is individually listed for the span of the loan.
- Allocation: how much of the total payment has been put toward the principal loan versus interest at a specified date.
- Remaining Principal: the total amount owed on the principal currently or at a future date.
- Interest Expenses: how much interest you will have paid over the life of the loan or at a specific date.
- Extra Payments: how an extra payment or recurring extra payments will affect the total interest paid and decrease the loan term.
- Equity: an amortization calculator can indicate how much equity you will have in the home at any given time during the loan period.
Amortization Schedules and Extra Payments
The information provided by an amortization schedule makes it much easier to look at the loan from a bird’s eye view and evaluate your options.
You can use the calculator to determine how much you’ll end up saving in interest by paying off the debt early or making extra payments.
An extra payment can be made with a larger sum of money, annually or semi-annually, for example. Or you can add a little extra to each mortgage payment.
It’s important to double and triple check that this additional money is going directly toward the loan principal and not towards interest.
The calculator will then show you how those extra payments will cut time off of the loan and how much money could be saved on interest. You’d be surprised how a few extra payments can significantly reduce each.
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How to Read a Daily Amortization Schedule
An amortization schedule shows what each payment actually does. The interest portion is the outstanding balance times the monthly rate; everything left over reduces the balance. Because the balance is largest at the beginning, early payments are mostly interest, and the split moves toward principal every single month.
A daily amortization schedule accrues interest per day rather than applying one flat monthly figure. Most fixed-rate US mortgages accrue monthly, so the standard schedule is the one you want; daily accrual mainly appears on lines of credit and on loans where the payment date shifts.
| $350,000 loan at 6.78%, 30 years | Amount |
|---|---|
| Monthly principal and interest | $2,277 |
| First payment — interest portion | $1,977 |
| First payment — principal portion | $300 |
| Total interest over the full term | $469,748 |
Amortization Schedule Calculator: 15-Year Against 30-Year
The clearest thing an amortization schedule calculator shows is what the term costs. The same $350,000 balance on a 15-year loan at 5.96% carries a much higher payment and a dramatically smaller interest bill.
| Term | Monthly P&I | Total interest |
|---|---|---|
| 30-year at 6.78% | $2,277 | $469,748 |
| 15-year at 5.96% | $2,946 | $180,269 |
The shorter term is a cash-flow decision, not a discount: the payment is $669 higher each month and the interest saved over the life of the loan is $289,479.
What Extra Payments Do to the Schedule
Every extra dollar goes straight against the balance, and all remaining interest is calculated on that smaller balance. Adding about $190 a month — one extra payment a year — pulls years off a 30-year schedule. Run it both ways above and compare the total interest line rather than the payment.
For FHA loans, remember to amortise the balance including the financed upfront premium: see our FHA loan calculator. For where rates stand today, see current mortgage rates.
Amortization Schedule: More Questions
What is a daily amortization schedule?
A daily amortization schedule accrues interest for each day in the period rather than applying a flat monthly figure. Most fixed-rate US mortgages accrue monthly, so a standard schedule is the right one; daily accrual shows up on some lines of credit and on loans where the payment date moves.
How does an amortization schedule calculator work?
It splits every payment into interest and principal. Interest is the balance times the monthly rate, and whatever is left of the payment reduces the balance. On a $350,000 loan at 6.78%, the first payment is about $1,977 interest and $300 principal; by the final year almost all of it is principal.
How much does one extra payment a year save?
Adding roughly $190 a month to a $350,000 loan at 6.78% — the equivalent of one extra payment a year — shortens the term by several years and removes tens of thousands in interest, because every extra dollar comes straight off the balance the remaining interest is calculated on.
Why is so much of my early payment interest?
Interest is charged on the balance, and the balance is at its largest at the start. The payment stays level, so as the balance falls the interest share falls with it and the principal share rises. The crossover point on a 30-year loan usually arrives somewhere in the second decade.
Rates used in these examples: 30-year 6.78%, 15-year 5.96%, as of September 2, 2026 (Optimal Blue via FRED). Figures are principal and interest only. Rates shown are note rates, not APR.
