Payment/Amortization Calculator


In a nutshell, our Amortization Calculator helps you determine what you will pay – and when – for your mortgage loan.

This simple loan calculator allows you to enter the loan amount, interest rate, and loan term, and shows you the estimated monthly payment and total interest to be paid over the length of the loan (fixed-rate or adjustable). You can use the Amortization Calculator to create a printable table for your loan – simply fill in the fields below and click “Calculate.”

Calculator & Schedule

Total Monthly Payment = $0000.00
Total Interest = $0000.00

Disclaimer: The calculated results shown above are based on conventional loan program guidelines. Other loan programs are available and may provide results that better fit your individual needs. Calculations completed within this tool are estimates and are not guaranteed to be accurate. Payments shown do not include amounts for taxes and insurance; actual payment obligation will be greater.

Year Interest Principal Balance
Year Interest Principal Balance

What is Amortization?

Amortization is "the systematic repayment of a debt." The emphasis is on the word "systematic.” Amortizing a mortgage loan means paying it down, bit by bit. Usually, this means making regular monthly payments. Pretty straightforward, right?

The great advantage of utilizing an Amortization Calculator while searching for a home loan is you will know how much you must pay each month, under a specific interest rate, and get an idea of when you will finish paying off the loan.

Amortizing a Mortgage Loan

When you take out a mortgage, you make a monthly payment to the lender, and that is an amortization payment. A part of the payment covers the interest due on the loan, and the remainder of the payment goes to reduce the principal amount owed. Interest is computed on the current amount owed and will become progressively smaller as the principal is decreased.

In the beginning, you will be making large interest payments and small payments to the principal. As time goes on, you will reduce the principal to the point that you don’t have much to pay in interest, and so your payment covers mostly the principal.

Taxes and Insurance Excluded from Loan Terms

The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.

Ready to buy a new home? Contact one of our loan professionals for a free consultation.

All loan requests are subject to credit approval as well as specific loan program requirements and guidelines. With Adjustable Rate Mortgage loans, the rate is variable and may increase or decrease every year after the initial fixed rate period based on changes to an index. This could result in an increase in the monthly payment.