See exactly how a fixed-rate mortgage is paid off over time. View the schedule by year or by month, and download every payment as a CSV file you can open in a spreadsheet.
What amortization means
With an amortizing loan, every monthly payment is the same, but the split between interest and principal changes. Each month, interest is charged on the remaining balance. The rest of the payment reduces the balance. Early in the loan the balance is high, so most of the payment goes to interest. As the balance falls, more of each payment goes to principal.
Example: $320,000 at a hypothetical 6.5% for 30 years
The monthly principal and interest payment is about $2,022.62. In the first month, interest is $320,000 × 6.5% ÷ 12 = $1,733.33, so only $289.28 goes to principal. Principal doesn't make up more than half the payment until payment 233, more than 19 years in. Total interest over the full term is about $408,142.
How to read the schedule
- Payment: the principal and interest paid that month or year.
- Principal: the part that reduces your loan balance.
- Interest: the cost of borrowing for that period.
- Balance: what you still owe after the payment.
Amounts are rounded to the cent for display. The final payment is adjusted by a few cents so the balance ends at exactly zero.
What the schedule leaves out
The schedule covers principal and interest only. Property taxes, insurance, and mortgage insurance are not included, and it assumes no extra payments and a fixed rate. Adjustable-rate loans can change after their initial fixed period.
Related tools and guides
This calculator provides estimates for educational purposes only. Your lender's figures may differ slightly because of rounding and payment dates. See our disclaimer.