Mortgage Amortization Calculator
Where every mortgage payment goes: mostly interest at first. See what extra principal payments save.
Monthly payment (principal and interest)
$2,275.44
$360,000 loan at 6.5% for 30 years. Taxes and insurance are extra.
- First payment86% interest$1,950 interest, $325 principal
- First 5 years$113,526 interestof $136,527 paid (83%)
- Total interest$459,160on a $360,000 loan
InterestPrincipal
Mostly interest until year 20
For the first 19 years, more of every payment goes to the bank as interest than to paying down your loan. Interest is charged on what you still owe, and early on you owe almost everything.
Try an extra payment
Adding $200 a month to principal would take 6 years 1 month off and save $108,917 in interest.
Year by year
| Year | Interest | Principal | Balance left |
|---|---|---|---|
| 1 | $23,282 | $4,024 | $355,976 |
| 2 | $23,012 | $4,293 | $351,683 |
| 3 | $22,725 | $4,581 | $347,102 |
| 4 | $22,418 | $4,888 | $342,214 |
| 5 | $22,090 | $5,215 | $337,000 |
| 6 | $21,741 | $5,564 | $331,435 |
| 7 | $21,368 | $5,937 | $325,498 |
| 8 | $20,971 | $6,334 | $319,164 |
| 9 | $20,547 | $6,759 | $312,405 |
| 10 | $20,094 | $7,211 | $305,194 |
| 11 | $19,611 | $7,694 | $297,500 |
| 12 | $19,096 | $8,210 | $289,290 |
| 13 | $18,546 | $8,759 | $280,531 |
| 14 | $17,959 | $9,346 | $271,185 |
| 15 | $17,333 | $9,972 | $261,213 |
| 16 | $16,666 | $10,640 | $250,573 |
| 17 | $15,953 | $11,352 | $239,221 |
| 18 | $15,193 | $12,113 | $227,108 |
| 19 | $14,382 | $12,924 | $214,184 |
| 20 | $13,516 | $13,789 | $200,395 |
| 21 | $12,592 | $14,713 | $185,682 |
| 22 | $11,607 | $15,698 | $169,984 |
| 23 | $10,556 | $16,750 | $153,234 |
| 24 | $9,434 | $17,871 | $135,363 |
| 25 | $8,237 | $19,068 | $116,295 |
| 26 | $6,960 | $20,345 | $95,950 |
| 27 | $5,598 | $21,708 | $74,242 |
| 28 | $4,144 | $23,162 | $51,080 |
| 29 | $2,593 | $24,713 | $26,368 |
| 30 | $938 | $26,368 | $0 |
Principal and interest only. Property tax, insurance and any PMI come on top.
Is this the right size of mortgage for you? Try the Invest-First Home Budget
Important — please read
This calculator is an educational tool. It shows a simple, fixed-rate projection: it assumes your money grows at the same rate every year with no interruptions, and it ignores taxes, fees, inflation, market volatility, sequence-of-returns risk, and changes to your contributions or circumstances. Real investment returns vary widely year to year and can be negative. Past performance does not predict future results.
The numbers shown are hypothetical illustrations, not a forecast, a promise, or a recommendation, and nothing here is investment, tax, legal, or financial advice or an offer or solicitation to buy or sell any security. Paycheck Paradox is not a registered investment adviser, broker-dealer, or tax advisor.
Before making any financial decision, talk to a qualified professional — a licensed financial advisor, CPA, or attorney — who can account for your full situation. You are solely responsible for your own decisions.
Provided “as is”, with no warranty of accuracy or fitness for any purpose. To the fullest extent permitted by law, Paycheck Paradox accepts no liability for any loss arising from use of, or reliance on, this tool.