Amortization is how your loan balance is paid off over time. This calculator shows how much total interest you'll pay and how the split between principal and interest shifts across the life of your loan — and how a shorter term or extra payments can save you thousands.
What amortization means
Each monthly payment is split between interest (the cost of borrowing) and principal (paying down what you owe). Early in the loan, most of your payment goes to interest; over time, the balance tips and more goes to principal as you build equity.
How to read the result
The headline shows total interest over the full term. The donut compares how much you pay in principal versus interest. A lower rate or shorter term shrinks the interest slice dramatically.
How to pay less interest
Two levers matter most: the term and extra principal. A 15-year term carries a higher monthly payment but far less total interest than a 30-year. Even small extra principal payments each month can cut years and thousands off the loan.
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Frequently Asked Questions
What is loan amortization?
It's the schedule by which your loan is paid off — each payment covers interest first, then reduces principal, with the mix shifting toward principal over time.
Why is so much of my early payment interest?
Interest is charged on the outstanding balance, which is highest at the start. As the balance falls, the interest portion shrinks and principal grows.
How much interest will I pay over 30 years?
It depends on your loan amount and rate — often a large share of the original loan. Enter your numbers above to see the total.
Does a 15-year loan really save that much?
Yes. A shorter term means less time accruing interest and a lower rate in many cases, often saving six figures versus a 30-year on larger loans.
Do extra payments help?
A lot. Extra principal reduces the balance interest is charged on, shortening the loan and cutting total interest.
Does this show my full schedule?
This gives the totals and payment. Your lender can provide a full month-by-month amortization schedule for your exact loan.
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