See your exact payoff date, full payment breakdown, and how to save thousands in interest
| Year | Principal Paid | Interest Paid | Balance | Cum. Interest |
|---|
Estimates only. Does not include HOA, flood insurance, or PMI for loans with PMI removed at 20% equity (PMI auto-removal is lender-dependent). Consult a lender for pre-approval.
Shop multiple lenders in minutes. Real rates, no signup required to compare.
| Tool | Best For | Affiliate Rate |
|---|---|---|
| NerdWallet ⭐⭐ | Rate comparison | $6–$10/lead (Flex) |
| Rocket Mortgage | Online mortgage | $15–$20/lead |
| Lendio ⭐ | Business loans | $75/loan (Flex) |
| Bankrate | Rate comparisons | Per-lead |
We may earn a commission if you click above. Calculator is free to use.
Amortization is paying off a loan through regular monthly payments over time. Early payments are mostly interest; later payments are mostly principal. An amortization schedule shows exactly how each payment splits over the life of the loan.
15-year: higher monthly payments, but ~50% less total interest paid. 30-year: lower monthly payments but more total interest. If you can afford the higher payment without stretching your budget, 15-year saves massive interest.
PMI (Private Mortgage Insurance) is required when down payment is under 20%. It protects the lender, not you. Once you reach 20% equity (either through payments or appreciation), you can request PMI removal. The Homeowners Protection Act requires automatic PMI removal at 22% equity.
Interest rate: the cost of borrowing the principal. APR (Annual Percentage Rate): the total cost including fees, points, and PMI, expressed as a yearly rate. APR is what you compare when shopping lenders — it includes all upfront costs.