How does the mortgage amortization calculator work?

Our mortgage amortization calculator takes into account your loan amount, loan term, interest rate and loan start date to estimate the total principal and interest paid over the life of the loan. Adjust the fields in the calculator below to see your mortgage amortization.

How do I calculate amortization?

Our amortization calculator will do the math for you, using the following amortization formula to calculate the monthly interest payment, principal payment and outstanding loan balance. Step 1: Convert the annual interest rate to a monthly rate by dividing it by 12. Annual interest rate/ 12 = monthly interest rate

What is mortgage amortization?

Mortgage amortization is a schedule for repaying your mortgage over a period of time, usually 30 years, although some mortgages can be for a longer or shorter term. When you make a payment, you’re paying interest on the loan as well as paying down the principal. The share of each payment that goes toward principal and interest changes over time.