Mortgage Amortization Calculator — Extra Payment Savings Chart
Calculate your monthly mortgage payment, full amortization schedule, and extra payment savings. Simulate extra payments to see how much interest and time you save.
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Enter Values
Down Payment
$80,000.00 (20.0%)
Total Interest Paid
$121,908.47
Total Out-of-Pocket
$504,908.47
Mortgage Payoff Date
Jan 2036
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Monthly Cost Breakdown
Principal vs. Interest Over Time
Interest Saved
$4,949
Time Saved
4 mo
New Payoff
Jan 2036
| Original | With Extra | |
|---|---|---|
| Monthly Payment | $3,682.57 | $3,782.57 |
| Total Interest | $121,908 | $116,960 |
| Total Payments | $441,908 | $436,960 |
| Payoff Date | May 2036 | Jan 2036 |
| Loan Term | 10 yr | 9 yr 8 mo |
Payoff Comparison
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $14,207 | $15,254 | $304,746 |
| 2 | $19,977 | $24,214 | $280,533 |
| 3 | $18,279 | $25,912 | $254,620 |
| 4 | $16,460 | $27,730 | $226,890 |
| 5 | $14,515 | $29,676 | $197,214 |
| 6 | $12,433 | $31,758 | $165,456 |
| 7 | $10,205 | $33,986 | $131,470 |
| 8 | $7,820 | $36,371 | $95,099 |
| 9 | $5,269 | $38,922 | $56,177 |
| 10 | $2,538 | $41,653 | $14,524 |
The Formula
Calculates the fixed monthly principal and interest payment using the standard amortization formula. Your total PITI payment adds property taxes, homeowners insurance, HOA fees, and PMIInsurance required by lenders when the down payment is less than 20% of the home price. Protects the lender, not the borrower. (if applicable) on top of P&I. The amortization schedule shows the exact principal versus interest split for every payment over the full loan term.
Variable Definitions
Monthly P&I Payment
The fixed dollar amount paid toward principal and interest each month for the life of the loan. This amount stays constant for a fixed-rate mortgage.
Principal
The loan amount equal to the home purchase price minus your down payment. This is the actual amount you are borrowing from the lender.
Monthly Rate
Your annual interest rate divided by 12. For example, a 6.8% annual rate becomes a 0.567% monthly rate used in the payment formula.
Number of Payments
The total number of monthly payments over the loan term. For a 30-year loan, this is 360 payments. For a 15-year loan, this is 180 payments.
Private Mortgage Insurance
Auto-calculated at approximately 0.8% of the loan amount per year when your down payment is under 20%. PMI protects the lender, not you, and is typically cancellable once you reach 20% equity.
How to Use This Calculator
- 1
Enter the home purchase price to set the starting point for the calculation.
- 2
Enter your down payment as a dollar amount or as a percentage. If both are filled, the percentage overrides the dollar value.
- 3
Select your loan term — shorter terms like 15 years have higher monthly payments but far less total interest paid over the life of the loan.
- 4
Add optional details: property tax rate, annual homeowners insurance premium, and monthly HOA fee for a complete PITI picture.
- 5
Review the full monthly breakdown including each PITI component, total interest paid over the loan term, and the projected payoff date.
- 6
Scroll down to view the complete amortization schedule showing the principal and interest split for every monthly payment across the full loan term.
Mortgage amortization — monthly payment calculated from principal, rate, and term
Understanding the Concept
A PITI mortgage payment covers four distinct components. PrincipalThe original sum of money borrowed or invested, excluding any interest or earnings. is the portion that actually reduces your loan balance — in the early years this is a small fraction of each payment. Interest is the cost of borrowing money from the lender; in the early years of a 30-year loan, roughly two-thirds of each payment goes toward interest alone. Taxes are annual property taxes that the lender collects monthly and holds in an escrow account to pay on your behalf. Insurance is homeowners insurance, also typically escrowed. If your down payment is under 20%, Private Mortgage Insurance (PMIInsurance required by lenders when the down payment is less than 20% of the home price. Protects the lender, not the borrower.) is automatically included to protect the lender against default. PMIInsurance required by lenders when the down payment is less than 20% of the home price. Protects the lender, not the borrower. typically costs 0.3% to 1.5% of the loan amount per year depending on your credit score and down payment size. The amortization schedule is the key tool for understanding your mortgage: early payments are heavily weighted toward interest, but over time the ratio shifts. By the halfway point of a 30-year loan, each payment applies more to principal than to interest. Making extra principal payments early in the loan term has an outsized effect on total interest savings because it reduces the balance on which future interest is calculated. A single extra payment per year can shorten a 30-year mortgage by several years and save tens of thousands in interest.
Frequently Asked Questions
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