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Generate a complete amortization schedule showing your payment breakdown month by month. See exactly how much goes to principal vs. interest and how your equity builds over time.
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Amortization is the process of paying off a mortgage through regular payments over time. Each payment covers both principal (the loan balance) and interest. Early payments are mostly interest, while later payments go mostly toward principal.
An amortization schedule shows every payment over your loan term, breaking down how much goes to principal vs. interest. It also shows your remaining balance after each payment. This helps you understand how your equity builds over time.
Interest is calculated on your remaining balance. Since your balance is highest at the start, more of your payment goes to interest. As you pay down the principal, the interest portion decreases and more goes toward principal.
You can pay off your mortgage faster by: making extra principal payments, switching to bi-weekly payments (26 half-payments = 13 full payments/year), or refinancing to a shorter term. Even small extra payments can save thousands in interest.
Extra payments go directly to principal, reducing your balance faster. This means less interest over the life of the loan and an earlier payoff date. Our calculator shows how extra payments impact your amortization schedule.