ganak.appMortgage Amortization Calculator
Calculate your mortgage amortization schedule with extra payments. See how each monthly payment breaks down into principal and interest, find the cross-over point, and visualize your loan payoff timeline. Supports bi-weekly payments for faster mortgage payoff.
Amortization Schedule
See how your loan balance reduces over time with each payment
| Year | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $18,962 | $2,794 | $16,168 | $247,206 |
| 2 | $18,962 | $2,981 | $15,981 | $244,224 |
| 3 | $18,962 | $3,181 | $15,781 | $241,043 |
| 4 | $18,962 | $3,394 | $15,568 | $237,649 |
| 5 | $18,962 | $3,621 | $15,341 | $234,027 |
| 6 | $18,962 | $3,864 | $15,098 | $230,163 |
| 7 | $18,962 | $4,123 | $14,839 | $226,041 |
| 8 | $18,962 | $4,399 | $14,563 | $221,642 |
| 9 | $18,962 | $4,694 | $14,269 | $216,948 |
| 10 | $18,962 | $5,008 | $13,954 | $211,940 |
What Is Amortization?
How loan payments are split between principal and interest over time
Amortization is the process of spreading a loan into a series of fixed payments over time. Each payment covers both interest and principal, but the ratio between them changes throughout the loan term.
In the early years of a loan, a larger portion of each payment goes toward interest. As you pay down the principal, the interest portion decreases and more of your payment goes toward the principal balance.
The cross-over point is the moment when your principal payment first exceeds the interest portion — a milestone that shows you're making significant progress on paying down your loan.
Amortization Formula & How It Works
The standard formula used to calculate fixed monthly loan payments
The monthly payment for an amortized loan is calculated using:
M = Monthly payment
P = Principal (loan amount)
r = Monthly interest rate (annual rate / 12 / 100)
n = Total number of payments (years × 12)
Example: $250,000 mortgage at 6.5% for 30 years
- Monthly rate (r) = 6.5% / 12 / 100 = 0.005417
- Total payments (n) = 30 × 12 = 360
- Monthly payment = $250,000 × [0.005417 × (1.005417)^360] / [(1.005417)^360 - 1]
- Monthly payment = $1,580.17
- Total interest over 30 years = $318,861
How to Use This Calculator
Step-by-step guide to generating your amortization schedule
Select a loan type
Choose from Mortgage, Auto Loan, Personal Loan, Student Loan, or enter custom values. Presets automatically fill typical defaults.
Enter your loan details
Set the loan amount, annual interest rate, and loan term in years. Adjust using the sliders or type directly.
Add extra payments (optional)
Open the "Extra Payments" section to see how additional monthly, yearly, or one-time payments reduce your total interest and payoff timeline.
Review your results
See your monthly payment, total interest, payoff date, and the cross-over point. The chart visualizes how principal and interest build over time.
View the full schedule
Switch between yearly and monthly views to see exactly how each payment is allocated between principal and interest.
Types of Amortized Loans
Common loan types that use amortization schedules
| Loan Type | Typical Term | Typical Rate | Key Feature |
|---|---|---|---|
| Mortgage | 15-30 years | 5.5-7.5% | Fixed or adjustable rate, largest consumer loan |
| Auto Loan | 3-7 years | 5-10% | Secured by vehicle, shorter term |
| Personal Loan | 1-5 years | 8-20% | Unsecured, higher rates, flexible use |
| Student Loan | 10-25 years | 4-8% | Federal or private, may have deferment options |
Amortization Calculator FAQ
Common questions about amortization, loan schedules, and extra payments