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Amortization Schedule Help
A mortgage amortization calculator shows how much of your monthly mortgage payments goes toward principal (the money you borrowed), and how much goes toward interest.
Amortization
Amortization is paying off a debt over time in equal installments. Part of each payment goes toward the loan principal, and part goes toward interest.
With a mortgage, the amount going toward principal starts out small, and gradually grows larger month by month. Meanwhile, the amount going toward interest declines month by month.
The amortization schedule calculator shows:
- How much principal and interest are paid in any particular payment.
- How much total principal and interest have been paid at a specified date.
- How much principal you owe on the mortgage at a specified date.
- How much time you will chop off the end of the mortgage by making one or more extra payments.
This means you can use the mortgage amortization calculator to:
- Find out how much principal you owe now, or will owe at a future date.
- Figure out how much extra you need to pay every month to repay the mortgage in, say, 22 years instead of 30 years.
- See how much interest you have paid over the life of the mortgage, or during a particular year.
- Figure how much equity you have.
Calculate your equity
Market value - All mortgage debt = Equity
Example: The Smiths bought a house four years ago. Today, it's worth $200,000 and they owe $120,000 on the mortgage.
Their equity is: $200,000 market value - $120,000 mortgage balance = $80,000 equity
To use the mortgage amortization calculator, enter your mortgage amount, the term in years, the interest rate and the start date. Click on "Show Amortization Schedule."