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🏠 PITI · Annual + Monthly Tables · Prepayment · Charts

Mortgage Amortization Calculator

See your full mortgage payment breakdown — principal, interest, taxes, and insurance — with a complete month-by-month and year-by-year amortization schedule.

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Mortgage Details
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+ Taxes, Insurance & Other Costs (PITI)
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+ Extra Monthly Payment (Prepayment)
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Enter your mortgage details
Full amortization schedule will appear here
Total Monthly Payment (PITI)
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Principal + Interest only
Principal & Interest—
Property Tax—
Insurance—
PMI—
HOA / Other—
Loan Amount
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Total Interest
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Total Cost
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Payoff Date
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Interest %
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Extra Saves
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Cost Breakdown
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What Is a Mortgage Amortization Schedule?

A mortgage amortization schedule is a complete table showing every payment over the life of your loan — how much goes to interest, how much reduces your principal balance, and what your remaining balance is after each payment. Despite paying the same fixed amount every month, the split between interest and principal changes dramatically over time: early payments are mostly interest, while later payments are mostly principal. This calculator generates the full schedule and shows you exactly where every dollar goes. For a quick monthly payment estimate without the full schedule, see our Mortgage Calculator.

The Amortization Formula

Monthly Payment (P&I)
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]

P = Principal loan amount · r = Monthly interest rate (annual rate ÷ 12) · n = Total number of payments (years × 12)

Each Month's Split
Interest payment = Remaining balance × Monthly rate Principal payment = Monthly payment − Interest payment

As the balance decreases each month, less interest accrues — so more of each fixed payment goes toward principal. This is the key mechanic of amortization.

Understanding PITI — Your True Monthly Cost

Most homebuyers focus on the P&I (principal and interest) payment, but your true monthly housing cost includes PITI: Principal, Interest, Taxes, and Insurance. This calculator includes all four components plus HOA fees and PMI. Lenders typically require PITI to be below 28–31% of your gross monthly income for loan qualification. Use our Income Tax Calculator to find your net income and Salary Calculator to check affordability.

What Is PMI and When Does It Apply?

PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home's purchase price. PMI typically costs 0.5%–1.5% of the loan amount annually. Enter your PMI cost in the "PITI" section above. PMI can usually be cancelled once you've built 20% equity in your home. Use our Down Payment Calculator to plan reaching the 20% threshold that eliminates PMI.

How Extra Payments Save Thousands

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Interest Saved

Even $200/month extra on a 30-year $400K mortgage can save over $60,000 in interest and pay off 5+ years early.

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Shorter Term

Extra payments reduce your remaining balance faster, meaning less interest accrues in future months. The effect compounds over time.

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Equity Growth

Faster principal paydown builds home equity quicker — helpful when refinancing, selling, or accessing a HELOC. See our Loan Calculator for HELOC planning.

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PMI Elimination

Extra principal payments help you reach 20% equity faster, allowing you to cancel PMI — adding that savings back to your monthly budget.

Annual vs Monthly Amortization Tables

This calculator provides two views: Annual Summary (one row per year — ideal for long-term planning) and Monthly Detail (one row per month — ideal for tracking exact balances, checking specific payment dates, or planning lump-sum prepayments). The monthly table shows the exact date, interest charged, principal applied, and remaining balance for every single payment over the life of the loan. For the simplified version without optional costs, see our Amortization Calculator.

Frequently Asked Questions

Common questions about mortgage amortization, payment schedules, and how this calculator works

Your monthly interest charge equals your remaining balance × monthly rate. Early in the loan, your balance is at its highest, so the interest charge is large — sometimes consuming 80–90% of your payment. As you pay down the principal over time, your balance falls, so each month's interest charge is smaller, and more of your fixed payment goes to principal. This is why the first few years of a mortgage feel like you're "not making progress" — you are, but mostly paying interest. The annual summary table in this calculator shows how the interest/principal split shifts dramatically in the second half of your loan term. Compare with a shorter loan term using our Mortgage Calculator.
A 15-year mortgage has higher monthly payments but dramatically less total interest — typically 50–60% less than a 30-year loan for the same amount. A 30-year mortgage has lower payments, more flexibility in cash flow, but you pay interest for twice as long. On a $400,000 loan at 6.5%: the 30-year monthly P&I is ~$2,528 with ~$510,000 in total interest; the 15-year P&I is ~$3,489 with ~$228,000 in total interest. Change the loan term in this calculator to compare. Also see our Loan Calculator for side-by-side comparison of different terms.
Every extra dollar you pay goes directly to principal reduction. This lowers your balance, which reduces next month's interest charge, which means more of your regular payment goes to principal — a compounding effect. For a $400,000 mortgage at 6.5% for 30 years, adding $200/month extra saves approximately $60,000–$70,000 in interest and cuts the loan term by 4–5 years. Toggle the "Extra Monthly Payment" section above and enter any amount to see exactly how much you'd save and when you'd pay off your mortgage. Before making extra payments, verify with your lender that there's no prepayment penalty clause. See our Compound Interest Calculator to compare returns of investing that $200 instead.
PITI stands for Principal, Interest, Taxes, and Insurance — the four components of a full mortgage payment. Principal reduces your loan balance. Interest is the cost of borrowing. Taxes are property taxes typically collected monthly in an escrow account and paid to the municipality annually. Insurance includes homeowner's insurance (required by lenders) and PMI if your down payment was under 20%. Lenders use your total PITI when evaluating loan affordability — typically requiring PITI to be no more than 28–31% of gross monthly income. Toggle the "Taxes, Insurance & Other Costs" section above to add these components and see your true monthly cost.
Under the Homeowners Protection Act (HPA) in the US, lenders must automatically cancel PMI when your loan balance reaches 78% of the original purchase price (i.e., when you have 22% equity based on original value). You can also request cancellation at 80% LTV (20% equity) if your payment history is good and you get a new appraisal showing sufficient equity. Making extra principal payments accelerates this timeline. Using the monthly amortization table above, you can see exactly which month your balance drops below 80% LTV. Use our Down Payment Calculator to plan reaching 20% equity from the start and avoiding PMI entirely.
Switching to bi-weekly payments (half your monthly payment every two weeks) results in 26 half-payments per year — equivalent to 13 full monthly payments instead of 12. That extra payment per year goes entirely to principal, reducing your loan term by several years and saving significant interest. For a 30-year mortgage, bi-weekly payments typically cut the term to about 25–26 years. Not all lenders offer bi-weekly payment programs natively — some charge a fee, and some simply hold the extra payment without crediting it immediately. An alternative is making one extra full payment per year yourself. For Canadian mortgages with bi-weekly accelerated options, see our Canadian Mortgage Calculator.
Each row in the annual table shows: the year number, total interest paid that year, total principal paid that year, and your ending balance at year-end. Notice how interest paid decreases each year while principal paid increases — even though your payment stays the same. The monthly table shows the same breakdown for each individual payment, plus the exact payment date. Switch between tabs above. Key milestone to watch: the crossover point — the month when your principal payment first exceeds your interest payment. For a 30-year mortgage at 6.5%, this crossover typically happens around year 18–20. Before that month, more than half of every payment is interest.