See your monthly payment and how the split between interest and principal changes over the life of a loan.
Estimate for a fixed-rate, fully-amortizing loan. Escrow (taxes/insurance) and fees are not included. General information only.
Amortization is the schedule that pays a loan to zero with equal payments. Because interest is charged on the remaining balance, the interest portion is largest at the start and shrinks every month, while the principal portion grows — so your equity builds slowly at first and faster later.
Each month: interest = balance × monthly rate · principal = payment − interest
Interest is charged on the outstanding balance, which is largest at the beginning. That's why the first years of a 30-year mortgage build very little equity.
They cut the balance that future interest is charged on, so every extra dollar early saves multiple dollars of interest and shortens the loan.
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It uses standard formulas and recalculates the moment you change a value, so the math is exact for the inputs you enter. Treat the result as a reliable planning estimate; for decisions with legal or tax consequences, confirm the figures with a qualified professional.
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Last reviewed: September 2026. Free to use, no signup — Amortization Calculator by ToolWise Digital.
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