Your mortgage literally means “death pledge” (mort + gage), if you don’t understand the numbers and amortization.
What is an amortization schedule?
An amortization schedule is the month-by-month map of your mortgage: how much of each payment goes to interest, how much actually pays down your loan, and what you still owe after every single payment. In the early years most of your payment is interest — on a 30-year loan at 6.5%, roughly 86¢ of every principal-and-interest dollar in month one is interest. The schedule shows exactly when that flips, and it's why extra payments early in the loan are so powerful.
How your mortgage payment is calculated
Your full monthly payment — what lenders call PITI — has up to five parts: principal & interest (set by loan amount, rate and term), property taxes, homeowners insurance, mortgage insurance (if you put less than 20% down), and HOA dues. Most online calculators skip mortgage insurance or guess at it. We calculate it the way a lender does — by loan type, down payment and credit score.
Mortgage insurance by loan type
| Loan type | Upfront fee | Monthly mortgage insurance | When it ends |
|---|---|---|---|
| Conventional | None | PMI varies by credit score & down payment (about 0.2%–2%/yr) | Auto-cancels at 78% loan-to-value |
| FHA | 1.75% of loan | 0.15%–0.75%/yr (0.55% with 3.5% down, 30-yr) | 11 years with 10%+ down, otherwise life of loan |
| VA | Funding fee 1.25%–3.3% (exemptions apply) | None | — |
| USDA | 1.00% guarantee fee | 0.35%/yr annual fee | Life of loan |
Frequently asked questions
How much does one extra payment a year save?
On a typical 30-year loan it knocks 4–6 years off the mortgage and saves tens of thousands in interest. Check the box for your amortization schedule above and use the What-If tools to see your exact number.
Should I pay points or make a bigger down payment?
Compare scenarios side by side with the 1 / 2 / 3 scenario tabs — same house, different structures, and watch the payment and total interest change.
Is this calculator really free?
Yes. No ads, no signup, no selling your info. Built by a mortgage nerd who thinks everyone should understand their amortization schedule.
How accurate is the mortgage insurance?
FHA, VA and USDA fees use the official published tables. Conventional PMI uses industry-average rates by credit score and down payment and is clearly an estimate — your actual quote can vary by insurer.