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Mortgage Amortization Calculator
See the True Cost of Your Home.
Most tools only show you the monthly payment. That is how the bank wins. This tool exposes the Total Interest Volume—the hidden cost that can double the price of your home over 30 years.
- Enter your details to see the math.
- Check the ‘Total Interest’ volume.
- Use the ‘Extra Payment’ field to see how adding just $100/month can delete years off your mortgage.
$320,000
| PMT # | Interest | Principal | Extra | Balance |
|---|
How to Beat the Bank (The Math)
Most people think a 30-year mortgage is a flat line. It isn’t. It is a front-loaded curve designed to keep you in debt. In the first 7 years of your loan, roughly 70% of your monthly payment goes purely to interest. You are renting money, not buying a home.
The amortization schedule above reveals this “True Cost.” If you only pay the minimum, you will likely pay for your house twice over the life of the loan. But there is a backdoor.
The Power of One Extra Payment
The banks rely on you paying the minimum. The “Bank Beater” strategy is simple: apply one extra payment per year directly to the principal.
- The Method: Take your monthly principal & interest payment, divide by 12, and add that amount to your automatic monthly payment.
- The Result: You delete the “back end” of the interest schedule. On a typical loan, this can shave 4-5 years off your mortgage and save over $40,000 in interest.
🚀 What to do with your savings?
If this tool shows you saving $50,000+ in interest, don’t just spend it. That is your future wealth. See exactly how much that savings will grow if you invest it instead using our Compound Interest Calculator.
This tool generates a full 360-month (30-year) amortization table based on the standard formula for fixed-rate mortgages. It separates the monthly payment into "Principal" (the amount reducing the loan balance) and "Interest" (the cost of borrowing). In the early years of a mortgage, the majority of the payment is applied to interest. Over time, the ratio shifts, with a larger portion applied to the principal balance as the loan matures. Yes. This calculator features a "360-Month Engine" that auto-adjusts to the exact payoff date if additional principal payments are entered. Because interest is calculated on the remaining principal balance, any extra payment directly reduces that balance, thereby lowering the interest charged in all subsequent months. This "Bank Beater" effect can significantly reduce the total cost of housing and shorten the loan term by years, depending on the frequency and size of the extra payments. The "Principal & Interest" figure displayed represents the core debt service to the lender. However, most homeowners pay a single "PITI" payment (Principal, Interest, Taxes, and Insurance) into an escrow account. Real estate taxes and homeowners insurance vary significantly by municipality and property value. To determine the full monthly cash flow requirement, users must add their local tax rates and insurance premiums to the base figure generated by this tool.