How to read the schedule
The calculator uses the standard fixed-rate amortization formula, then walks through each month to estimate interest, principal and remaining balance. Early payments usually contain more interest; later payments reduce principal faster.
Example
For a $320,000 mortgage at 6.5% over 30 years, the principal-and-interest payment is about $2,023 per month. In the first month, interest is about $1,733.
Common mistakes
Do not compare only the first-month principal. Amortization changes every month as the balance falls.
Limitations
This is not a payoff statement or loan disclosure. Real schedules can differ because of payment timing, escrow, fees, rate changes and lender servicing rules.
References
- Consumer Financial Protection Bureau: loan estimate resources, accessed 2026-05-16.
Last reviewed: 2026-05-16