Amortization Calculator
Get your principal and interest mortgage payment breakdown
Legal Disclosure
Monthly payments and interest rate shown constitute an estimate and are provided for illustrative and educational purposes only. The calculations provided, including the displayed interest rates, total cost of the mortgage, and monthly payment amounts, are estimates based on data entered by the user. The amounts displayed are not guaranteed, and what you actually pay may be different, as your mortgage payment and interest rate will depend on factors like your mortgage product, collateral, and credit history. Additional taxes, insurance, and other fees or charges may apply. Results do not reflect all loan programs and are subject to individual program loan limits. This does not constitute an offer for a mortgage and is not a commitment to lend, nor is it an advertisement for the above interest rate, loan terms, or payment. Contact a Loan Officer for assistance.
Understanding Amortization
What Is Amortization?
Amortization is the process of paying off a debt, like a mortgage, through regular installments. Each payment includes portions for both the principal (the amount borrowed) and the interest. Over time, more of your payment goes towards the principal, reducing the interest.
What Is an Amortization Schedule?
An amortization schedule is a table showing how much of each payment goes towards the principal and interest. Initially, most of your payment covers interest, but over time, more goes towards the principal until the loan is paid off.
What Is an Amortization Calculator Good For?
A mortgage amortization calculator helps you see:
- How much principal you'll owe at different points.
- Your monthly payments.
- Total interest paid over the loan's life.
- How much equity you'll build in your home over time.
Use our amortization calculator to understand your loan breakdown.
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We understand the mortgage process can be a lot
If you don't see the answers you're looking for, please reach out to one of our loan officers. We are dedicated to helping you make informed financial decisions for your future.
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