A fixed-rate mortgage amortizes over the loan's repayment period. This means that the proportion of interest paid vs. principal repaid changes each month, while the total monthly payment stays the same. As the loan amortizes, the amount of monthly interest paid will decrease as the amount of principal paid increases.

How to Use Our Amortization Schedule Calculator

If you're looking to determine your amortization schedule with fixed monthly payments, our amortization schedule calculator can help.

Say that you're going to borrow $300,000 at 5% for 30 years. Enter:

  • "$300,000" as the Mortgage Amount

  • "30" as the Term, and

  • "5" as the Annual Interest Rate.

This calculator creates an amortization table that shows the:

  • Total amount of interest and principal payable to the lender

  • Portion of each monthly payment (either interest or principal)

  • Outstanding balance at any given point in time.