Amortization schedule
Where every payment goes, year by year, and what an extra payment does to the payoff date.
Your inputsNothing is saved or sent. Monthly compounding; extra payments go straight to principal starting with the first payment.
How to read it
Early payments are mostly interest because interest is charged on the whole balance. As the balance falls the split flips. That is why an extra payment in year one saves far more than the same payment in year twenty: it removes principal that would have been charged interest for decades.
The yearly table shows interest, principal and the balance at the end of each year. The second summary line shows the payoff date and total interest with your extra payment against the original schedule.
An illustration, not a loan offer, a rate quote or advice. Your numbers depend on your application, the property and the lender. See disclaimers.
Questions people ask
Does an extra payment lower my monthly payment?
No. On a standard mortgage the payment stays fixed; the extra shortens the loan and cuts total interest. Lowering the payment itself requires a recast or a refinance.
Is biweekly the same as an extra payment?
Paying half the payment every two weeks makes 26 half payments, which is 13 full payments a year. It equals one extra monthly payment per year spread out.