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Loan & Mortgage Amortization Calculator

Enter a loan amount, interest rate, and term to see your monthly payment, full amortization schedule, and a stacked area chart showing how principal and interest change over time. Add an extra monthly payment to see how much time and interest you save.

Loan Parameters

Monthly Payment
$1,264.14
Total Paid
$455,088.98
Total Interest
$255,088.98
Payoff
360 months (30.0 yrs)

Principal vs Interest Over Time

Months
Principal Interest

Amortization Schedule

#PaymentPrincipalInterestBalance
1$1,264.14$180.80$1,083.33$199,819.20
2$1,264.14$181.78$1,082.35$199,637.42
3$1,264.14$182.77$1,081.37$199,454.65
4$1,264.14$183.76$1,080.38$199,270.89
5$1,264.14$184.75$1,079.38$199,086.14
6$1,264.14$185.75$1,078.38$198,900.39
7$1,264.14$186.76$1,077.38$198,713.63
8$1,264.14$187.77$1,076.37$198,525.86
9$1,264.14$188.79$1,075.35$198,337.07
10$1,264.14$189.81$1,074.33$198,147.26
11$1,264.14$190.84$1,073.30$197,956.42
12$1,264.14$191.87$1,072.26$197,764.55
13$1,264.14$192.91$1,071.22$197,571.64
14$1,264.14$193.96$1,070.18$197,377.68
15$1,264.14$195.01$1,069.13$197,182.67
16$1,264.14$196.06$1,068.07$196,986.61
17$1,264.14$197.13$1,067.01$196,789.49
18$1,264.14$198.19$1,065.94$196,591.29
19$1,264.14$199.27$1,064.87$196,392.03
20$1,264.14$200.35$1,063.79$196,191.68
21$1,264.14$201.43$1,062.70$195,990.25
22$1,264.14$202.52$1,061.61$195,787.73
23$1,264.14$203.62$1,060.52$195,584.11
24$1,264.14$204.72$1,059.41$195,379.39

Step-by-Step

1. Monthly Payment Formula

M=P⋅r(1+r)n(1+r)n−1M = P \cdot \frac{r(1+r)^n}{(1+r)^n - 1}

2. Substitute Values

P=200,000,  r=6.5%12=0.005417,  n=30×12=360P = 200,000,\; r = \frac{6.5\%}{12} = 0.005417,\; n = 30 \times 12 = 360

3. Result

M=$1264.14 per monthM = \$1264.14\text{ per month}

Reference Guide

Monthly Payment Formula

The standard fixed-rate mortgage payment formula determines a constant monthly payment that fully amortizes the loan over the term.

M=P⋅r(1+r)n(1+r)n−1M = P \cdot \frac{r(1+r)^n}{(1+r)^n - 1}

where P is the principal, r is the monthly rate, and n is the total number of payments.

Interest vs Principal

Early payments are mostly interest. Over time, the interest portion decreases and the principal portion increases. This is why the stacked chart shows a shift from red (interest) to teal (principal).

Extra Payments

Extra monthly payments go directly toward the principal, which reduces the remaining balance faster and cuts total interest. Even small extra amounts can save years on a mortgage.

15-Year vs 30-Year

A 15-year mortgage has higher monthly payments but significantly lower total interest. For example, a $200,000 loan at 6% pays about $172,000 in interest over 30 years but only about $104,000 over 15 years.