Mortgage Calculators
Amortization Calculator
Produce a full amortisation schedule for any loan, showing how each payment splits between interest and principal and when the balance clears.
Scheduled payment
$1,498.88
- Total interest
- $289,595
- Payoff time
- 360 months
- Interest saved by overpaying
- $0
Amortisation schedule — yearly
| Year | Interest paid | Principal paid | Balance remaining |
|---|---|---|---|
| 1 | $14,916 | $3,070 | $246,930 |
| 2 | $14,727 | $3,259 | $243,671 |
| 3 | $14,526 | $3,460 | $240,210 |
| 4 | $14,313 | $3,674 | $236,536 |
| 5 | $14,086 | $3,900 | $232,636 |
| 6 | $13,846 | $4,141 | $228,495 |
| 7 | $13,590 | $4,396 | $224,098 |
| 8 | $13,319 | $4,668 | $219,431 |
| 9 | $13,031 | $4,955 | $214,475 |
| 10 | $12,725 | $5,261 | $209,214 |
How this calculator works
Interest_t = Balance_{t−1} × r; Principal_t = Payment − Interest_t
- r
- the monthly interest rate
- Balance
- the amount still outstanding
Example calculation
Illustrative example — not advice
Worked example — the amortization calculator as it loads, using the default figures below.
- 01Enter loan amount: $250,000.
- 02Enter interest rate: 6%.
- 03Enter term: 30 years.
- 04Enter extra monthly payment: $0.
- 05Read the scheduled payment from the results panel: $1,498.88.
Scheduled payment: $1,498.88. Total interest: $289,595. Payoff time: 360 months. Interest saved by overpaying: $0.
These figures come straight from the calculator above running on the values listed, so you can retype them and confirm every number yourself. Change any input and the results update immediately. Illustrative only — not a quote, offer or recommendation.
Important considerations
- Overpayments are assumed to reduce the balance immediately with no penalty.
- Rounding means the final payment is usually slightly different.
Related calculators
- Mortgage CalculatorEstimate your total monthly mortgage payment and see the amortisation schedule.
- Loan Payment CalculatorMonthly repayment, total interest and the effect of paying extra each month.
- Mortgage Payment CalculatorPrincipal and interest payment on any home loan amount.
- Interest-Only Mortgage CalculatorPayments before and after an interest-only period ends.
- Debt Payoff CalculatorPayoff date and interest saved from paying extra.
- Mortgage Affordability CalculatorHow much house your income and debts realistically support.
Terms used here
Frequently asked questions
Why is the early interest so high?
Interest is charged on the outstanding balance, which is at its largest at the start.
Disclaimer
Legamoney calculators are educational tools. Results are estimates based on the figures you enter and do not constitute financial, tax or legal advice.
Last reviewed 2026-08-01