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 mortgage loan amortization, 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 for fixed-rate loans.
Your amortization schedule shows how much money you pay in principal and interest over time. Use this calculator to see how those payments break down over your loan term.
A mortgage amortization schedule is a table that lists each regular payment on a mortgage over time. A portion of each payment is applied toward the principal balance and interest, and the mortgage loan amortization schedule details how much will go toward each component of your mortgage payment.
Initially, most of your payment goes toward the interest rather than the principal. The loan amortization schedule will show as the term of your loan progresses, a larger share of your payment goes toward paying down the principal until the loan is paid in full at the end of your term.
Loan Type | Purchase Rates | Refinance Rates |
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The table above links out to loan-specific content to help you learn more about rates by loan type. | ||
30-Year Loan | 30-Year Mortgage Rates | 30-Year Refinance Rates |
20-Year Loan | 20-Year Mortgage Rates | 20-Year Refinance Rates |
15-Year Loan | 15-Year Mortgage Rates | 15-Year Refinance Rates |
10-Year Loan | 10-Year Mortgage Rates | 10-Year Refinance Rates |
FHA Loan | FHA Mortgage Rates | FHA Refinance Rates |
VA Loan | VA Mortgage Rates | VA Refinance Rates |
ARM Loan | ARM Mortgage Rates | ARM Refinance Rates |
Jumbo Loan | Jumbo Mortgage Rates | Jumbo Refinance Rates |
Learn how to demystify your mortgage amortization schedule.
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