Interest and Principal Calculator for a Home Loan

What is the definition of loan amortization?
Amortization is the process of gradually reducing a debt over time.

Our amortization calculator will show you how much interest, principal, and loan balance you've paid throughout the term of the loan.

The majority of your initial loan payments are used to pay interest, which may surprise you.

In a 30-year mortgage, for example, over 83 percent of payments are used to pay down interest in the first year, while only 3% of payments are used to pay down interest in the final year.
This is the main reason why a mortgage's first few years produce minimal equity.

This calculator will also calculate the debt payoff with a monthly or yearly extra payment.

Enter zero in the down payment box to calculatee the loan amount only.