# Mortgage Amortization Calculator Generate a full mortgage amortization table, compare extra-payment scenarios, and visualize total interest savings > Canonical page: https://elysiatools.com/en/tools/mortgage-amortization-calculator - **Category:** Finance - **Keywords:** mortgage, amortization, loan, interest, extra payment, refinance ## Overview Estimate your monthly mortgage payments and visualize your path to debt freedom with our Mortgage Amortization Calculator. This tool generates a complete amortization schedule and lets you simulate how extra monthly payments or one-time lump-sum prepayments reduce your loan term and overall interest costs. ## Inputs - **Principal** (number) - **Annual Interest Rate (%)** (number) - **Loan Term (Years)** (number) - **Extra Monthly Payment** (number) - **One-Time Extra Payment** (number) - **One-Time Payment Month** (number) ## When to use - When shopping for a home and comparing different loan terms, interest rates, and monthly payment obligations. - When planning to accelerate your mortgage payoff by adding regular extra payments to your monthly budget. - When evaluating the financial impact of making a one-time principal reduction payment using a bonus or inheritance. ## How it works - Enter your loan details including the principal amount, annual interest rate, and the loan term in years. - Optionally input an extra monthly payment amount or a one-time lump-sum payment along with the specific month you plan to make it. - Review the generated amortization table to see the breakdown of principal, interest, and remaining balance for every payment period. - Compare the baseline scenario against your extra-payment strategy to see your total interest savings and accelerated payoff date. ## Use cases - Comparing a 15-year mortgage against a 30-year mortgage to analyze monthly payment differences and total interest savings. - Simulating how adding an extra $150 per month affects a $350,000 mortgage over a 30-year term. - Determining the long-term interest savings of applying a $20,000 lump-sum payment in the second year of a home loan. ## Frequently asked questions ### How does an extra monthly payment affect my mortgage? An extra payment goes directly toward reducing your principal balance, which decreases the interest accrued in subsequent months and shortens your overall loan term. ### What is an amortization schedule? It is a complete table of periodic loan payments showing the amount of principal and interest that goes into each payment until the loan is paid off. ### Can I calculate the impact of a single lump-sum payment? Yes. You can enter a one-time extra payment amount and specify the exact month of the loan term in which you plan to make that payment. ### Does this calculator include property taxes, PMI, or home insurance? No. This calculator focuses exclusively on the principal and interest components of your mortgage amortization. ### How is monthly interest calculated on a mortgage? 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