Mortgage Amortization Calculator
An amortization schedule shows exactly how each mortgage payment splits between interest and principal, and why the split changes every single month you pay.
Build your schedule
How this works
Enter the loan terms you actually have. CalcNest then builds the schedule payment by payment, including real dates when you provide a start date. Optional tax, insurance and HOA costs are shown as a realistic monthly outlay, but never mixed into the loan's interest calculations.
Country-aware by design
UK, US and Australian loans use a monthly rate from the annual rate. Canadian mortgages conventionally quote semi-annual compounding, so the monthly rate here is derived from that basis instead of simply dividing the annual rate by 12.
What you will get
The useful answer is not just a payment number. You will see the interest-to-principal crossover, yearly progress, the complete schedule, and a side-by-side test of extra monthly payments versus a properly modeled biweekly plan.
Mortgage results
When principal takes over
Balance and yearly payment mix
What would actually change this?
Progress snapshot
Payment-by-payment schedule
How Is a Mortgage Amortization Schedule Calculated?
A fixed-rate payment is calculated from the loan amount, periodic interest rate and number of payments. Each payment's interest is the current balance multiplied by the periodic rate. The rest reduces principal, so the interest share usually falls as the balance falls.
Why Is Interest Higher at the Start of a Mortgage?
Interest is calculated on the outstanding balance. At the beginning, the balance is at its largest, so the interest charge takes a larger share of the fixed payment. Over time, more of the same payment reaches principal.
What Month Does Principal Become Larger Than Interest?
This calculator identifies the first payment where the principal portion is greater than the interest portion. That crossover is a more useful progress marker than a generic halfway point because it uses the actual rate and balance.
Can Extra Payments Really Reduce Total Interest by That Much?
They can, because extra money reduces the balance earlier and future interest is calculated on that smaller balance. The exact effect depends on your rate, remaining term, lender rules and when the extra money is applied.
Do Biweekly Payments Actually Pay Off a Mortgage Faster?
When a monthly payment is split in half and paid every two weeks, 26 half-payments are made in a year. That equals 13 monthly payments, so the extra annual payment can reduce both the payoff time and total interest.
How Does Amortization Work Differently in Canada?
Canadian mortgage rates are conventionally quoted with semi-annual compounding even when payments are monthly. This calculator converts that quoted basis into the effective monthly rate used in the schedule. It is not just a CAD currency label.
How Can I Pay Off My Mortgage Early?
Common methods include a recurring extra payment, a permitted annual lump sum, or a properly structured biweekly schedule. Check your loan documents first because prepayment limits and fees vary by lender.
Frequently Asked Questions
What is amortization?
Amortization is the process of paying a loan down through scheduled payments that include both interest and principal.
How is a mortgage amortization schedule calculated?
The schedule applies the periodic rate to the current balance, assigns that interest first, then applies the remaining payment to principal and repeats until the balance reaches zero.
Can extra payments reduce interest?
Yes. Extra principal lowers the balance used for future interest calculations, which can shorten the schedule and lower total interest.
Should I make biweekly payments?
A biweekly plan can pay the loan faster when it truly makes 26 half-payments per year, but check lender processing rules and any fees.
How can I pay off a mortgage early?
Use permitted recurring overpayments, annual extra payments, lump sums or a genuine biweekly schedule, then confirm the lender applies them to principal.
Why is interest higher at the beginning?
The balance is highest at the beginning, so the interest charge is largest even though the scheduled payment is usually fixed.
How accurate is this calculator?
It is an estimate based on the information entered and the stated compounding assumptions. Lender rounding, payment timing, fees and loan-specific rules can change actual figures.
How does Canadian amortization differ from the US, UK and Australia?
Canadian quoted mortgage rates conventionally use semi-annual compounding, so this calculator derives the effective monthly rate from that basis. The other country settings use a standard monthly-compounding basis.
CalcNest provides estimates for educational and planning purposes only. This is not financial advice. Actual payments, rates, and schedules depend on your specific loan terms and lender. Check your loan documents or your lender directly for the figures that apply to you.
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