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Amortization Schedule
How is this calculated?
This calculator uses the standard mortgage amortization formulas used by banks and lenders worldwide. Here's exactly what's happening under the hood.
Equal Payment (Fixed Rate)
Each monthly payment stays the same throughout the loan. Early payments are mostly interest; later payments are mostly principal. This is the most common mortgage structure in the US, UK, and Europe.
Equal Principal
The principal repaid each month is fixed. Total interest paid is lower than the equal payment method, but early monthly payments are higher. Popular in parts of Europe and Asia.
Equal Payment Formula
M = P × [r(1 + r)ⁿ] / [(1 + r)ⁿ − 1]
P = Loan principal |
r = Monthly rate (annual ÷ 12) |
n = Total payments
Equal Principal Formula
Monthly principal = P / n
Month k interest = (remaining balance) × r
What is APR vs interest rate?
The interest rate is the annual cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus fees like origination costs and mortgage insurance, giving a fuller picture of total loan cost. This calculator uses the stated interest rate — ask your lender for the APR to compare offers accurately.
How does a larger down payment help?
A larger down payment reduces your loan principal, which directly lowers your monthly payment and total interest paid. It may also help you avoid Private Mortgage Insurance (PMI), typically required when your down payment is less than 20% of the home value.
Should I choose a 15-year or 30-year mortgage?
A 30-year mortgage has lower monthly payments but significantly higher total interest. A 15-year mortgage builds equity faster and costs much less overall, but requires a higher monthly commitment. Try both in the Loan Term field to see the difference.
What does amortization mean?
Amortization is the process of paying off a loan through regular scheduled payments. Each payment covers interest (the lender's fee) and principal (reducing your balance). In early years, most of each payment goes to interest — the schedule above shows the exact split for every month.