How to calculate principal and interest payment on a mortgage

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Paying High Interest Rates on Your Debts? Save With a HELOC
Atlanta Homeowners: Leverage Your Home Equity Today
Current Atlanta Mortgage Rates
Current Personal Loan Rates
How Amortizing Payments Work
Example Amortization Table
Atlanta Homeowners May Want to Refinance While Rates Are Low
Find Out What You Qualify For
How do you calculate principal and interest on a monthly mortgage?
What is the formula for calculating principal and interest?
What is the principal and interest on a mortgage payment?

Calculate How Much of Each Debt Payment Goes to Principal or Interest

This calculator will help you to determine the principal and interest breakdown on any given payment number. Enter the loan's original terms (principal, interest rate, number of payments, and monthly payment amount) and we'll show how much of your current payment is applied to principal and interest.

Are you paying high interest rates on your debts? Consider obtaining a low-rate personal loan, a HELOC, or a Atlanta mortgage refinance to lower your monthly interest expense.

Calculator Personal Loan Rates HELOC Rates Mortgage Rates

Paying High Interest Rates on Your Debts? Save With a HELOC

Atlanta Homeowners: Leverage Your Home Equity Today

Our rate table lists current home equity offers in your area, which you can use to find a local lender or compare against other loan options. From the [loan type] select box you can choose between HELOCs and home equity loans of a 5, 10, 15, 20 or 30 year duration.

Current Atlanta Mortgage Rates

The following table shows current Atlanta 30-year mortgage rates. You can use the menus to select other loan durations, alter the loan amount, change your down payment, or change your location. More features are available in the advanced drop down

Current Personal Loan Rates

How Amortizing Payments Work

If you have a fixed-rate loan the amount paid each month is determined by the interest rate and the lenght of the loan. Lenders can look at the term of the loan and charge an interest rate which they feels compensates them for the risk of loss, the cost of inflation, their business overhead & their profit margin. With a fixed rate loan the amount of each payment stays the same across the duration of the loan, but the percent of each payment that goes toward principal or interest changes over time. Early on in the loan's term a relatively large share of the payment is applied toward interest, then as the borrower pays down the loan an increasing share of the payment goes toward interest.

Rather than using the above calculator repeatedly you can use an amortization schedule to print out the entire schedule for a loan. We host an amortization calculator which enables you to create printable amortization tables. It shows the monthly payments and amortization schedule for the principal and interest portion of loans, while other costs of borrowing like licensing or taxes are excluded.

Example Amortization Table

As an example, consider a 10 year loan for $250,000 at 8% APR with monthly payments. The monthly payment would be $3,033.19 throughout the duration of the loan. In the first payment $1,666.67 would go toward interest while $1,366.52 goes toward principal. In the final payment only $20.09 is spent on interest while $3,013.12 goes toward principal. An amortization chart for this example is listed below.

Payment Number	Amount	Principal	Interest	Balance
1	$3,033.19	$1,366.52	$1,666.67	$248,633.48
2	$3,033.19	$1,375.63	$1,657.56	$247,257.85
3	$3,033.19	$1,384.80	$1,648.39	$245,873.05
4	$3,033.19	$1,394.04	$1,639.15	$244,479.01
5	$3,033.19	$1,403.33	$1,629.86	$243,075.68
6	$3,033.19	$1,412.69	$1,620.50	$241,662.99
7	$3,033.19	$1,422.10	$1,611.09	$240,240.89
8	$3,033.19	$1,431.58	$1,601.61	$238,809.31
9	$3,033.19	$1,441.13	$1,592.06	$237,368.18
10	$3,033.19	$1,450.74	$1,582.45	$235,917.44
11	$3,033.19	$1,460.41	$1,572.78	$234,457.03
12	$3,033.19	$1,470.14	$1,563.05	$232,986.89
Year 1		$17,013.11	$19,385.17
13	$3,033.19	$1,479.94	$1,553.25	$231,506.95
14	$3,033.19	$1,489.81	$1,543.38	$230,017.14
15	$3,033.19	$1,499.74	$1,533.45	$228,517.40
16	$3,033.19	$1,509.74	$1,523.45	$227,007.66
17	$3,033.19	$1,519.81	$1,513.38	$225,487.85
18	$3,033.19	$1,529.94	$1,503.25	$223,957.91
19	$3,033.19	$1,540.14	$1,493.05	$222,417.77
20	$3,033.19	$1,550.40	$1,482.79	$220,867.37
21	$3,033.19	$1,560.74	$1,472.45	$219,306.63
22	$3,033.19	$1,571.15	$1,462.04	$217,735.48
23	$3,033.19	$1,581.62	$1,451.57	$216,153.86
24	$3,033.19	$1,592.16	$1,441.03	$214,561.70
Year 2		$18,425.19	$17,973.09
25	$3,033.19	$1,602.78	$1,430.41	$212,958.92
26	$3,033.19	$1,613.46	$1,419.73	$211,345.46
27	$3,033.19	$1,624.22	$1,408.97	$209,721.24
28	$3,033.19	$1,635.05	$1,398.14	$208,086.19
29	$3,033.19	$1,645.95	$1,387.24	$206,440.24
30	$3,033.19	$1,656.92	$1,376.27	$204,783.32
31	$3,033.19	$1,667.97	$1,365.22	$203,115.35
32	$3,033.19	$1,679.09	$1,354.10	$201,436.26
33	$3,033.19	$1,690.28	$1,342.91	$199,745.98
34	$3,033.19	$1,701.55	$1,331.64	$198,044.43
35	$3,033.19	$1,712.89	$1,320.30	$196,331.54
36	$3,033.19	$1,724.31	$1,308.88	$194,607.23
Year 3		$19,954.47	$16,443.81
37	$3,033.19	$1,735.81	$1,297.38	$192,871.42
38	$3,033.19	$1,747.38	$1,285.81	$191,124.04
39	$3,033.19	$1,759.03	$1,274.16	$189,365.01
40	$3,033.19	$1,770.76	$1,262.43	$187,594.25
41	$3,033.19	$1,782.56	$1,250.63	$185,811.69
42	$3,033.19	$1,794.45	$1,238.74	$184,017.24
43	$3,033.19	$1,806.41	$1,226.78	$182,210.83
44	$3,033.19	$1,818.45	$1,214.74	$180,392.38
45	$3,033.19	$1,830.57	$1,202.62	$178,561.81
46	$3,033.19	$1,842.78	$1,190.41	$176,719.03
47	$3,033.19	$1,855.06	$1,178.13	$174,863.97
48	$3,033.19	$1,867.43	$1,165.76	$172,996.54
Year 4		$21,610.69	$14,787.59
49	$3,033.19	$1,879.88	$1,153.31	$171,116.66
50	$3,033.19	$1,892.41	$1,140.78	$169,224.25
51	$3,033.19	$1,905.03	$1,128.16	$167,319.22
52	$3,033.19	$1,917.73	$1,115.46	$165,401.49
53	$3,033.19	$1,930.51	$1,102.68	$163,470.98
54	$3,033.19	$1,943.38	$1,089.81	$161,527.60
55	$3,033.19	$1,956.34	$1,076.85	$159,571.26
56	$3,033.19	$1,969.38	$1,063.81	$157,601.88
57	$3,033.19	$1,982.51	$1,050.68	$155,619.37
58	$3,033.19	$1,995.73	$1,037.46	$153,623.64
59	$3,033.19	$2,009.03	$1,024.16	$151,614.61
60	$3,033.19	$2,022.43	$1,010.76	$149,592.18
Year 5		$23,404.36	$12,993.92
61	$3,033.19	$2,035.91	$997.28	$147,556.27
62	$3,033.19	$2,049.48	$983.71	$145,506.79
63	$3,033.19	$2,063.14	$970.05	$143,443.65
64	$3,033.19	$2,076.90	$956.29	$141,366.75
65	$3,033.19	$2,090.75	$942.44	$139,276.00
66	$3,033.19	$2,104.68	$928.51	$137,171.32
67	$3,033.19	$2,118.71	$914.48	$135,052.61
68	$3,033.19	$2,132.84	$900.35	$132,919.77
69	$3,033.19	$2,147.06	$886.13	$130,772.71
70	$3,033.19	$2,161.37	$871.82	$128,611.34
71	$3,033.19	$2,175.78	$857.41	$126,435.56
72	$3,033.19	$2,190.29	$842.90	$124,245.27
Year 6		$25,346.91	$11,051.37
73	$3,033.19	$2,204.89	$828.30	$122,040.38
74	$3,033.19	$2,219.59	$813.60	$119,820.79
75	$3,033.19	$2,234.38	$798.81	$117,586.41
76	$3,033.19	$2,249.28	$783.91	$115,337.13
77	$3,033.19	$2,264.28	$768.91	$113,072.85
78	$3,033.19	$2,279.37	$753.82	$110,793.48
79	$3,033.19	$2,294.57	$738.62	$108,498.91
80	$3,033.19	$2,309.86	$723.33	$106,189.05
81	$3,033.19	$2,325.26	$707.93	$103,863.79
82	$3,033.19	$2,340.76	$692.43	$101,523.03
83	$3,033.19	$2,356.37	$676.82	$99,166.66
84	$3,033.19	$2,372.08	$661.11	$96,794.58
Year 7		$27,450.69	$8,947.59
85	$3,033.19	$2,387.89	$645.30	$94,406.69
86	$3,033.19	$2,403.81	$629.38	$92,002.88
87	$3,033.19	$2,419.84	$613.35	$89,583.04
88	$3,033.19	$2,435.97	$597.22	$87,147.07
89	$3,033.19	$2,452.21	$580.98	$84,694.86
90	$3,033.19	$2,468.56	$564.63	$82,226.30
91	$3,033.19	$2,485.01	$548.18	$79,741.29
92	$3,033.19	$2,501.58	$531.61	$77,239.71
93	$3,033.19	$2,518.26	$514.93	$74,721.45
94	$3,033.19	$2,535.05	$498.14	$72,186.40
95	$3,033.19	$2,551.95	$481.24	$69,634.45
96	$3,033.19	$2,568.96	$464.23	$67,065.49
Year 8		$29,729.09	$6,669.19
97	$3,033.19	$2,586.09	$447.10	$64,479.40
98	$3,033.19	$2,603.33	$429.86	$61,876.07
99	$3,033.19	$2,620.68	$412.51	$59,255.39
100	$3,033.19	$2,638.15	$395.04	$56,617.24
101	$3,033.19	$2,655.74	$377.45	$53,961.50
102	$3,033.19	$2,673.45	$359.74	$51,288.05
103	$3,033.19	$2,691.27	$341.92	$48,596.78
104	$3,033.19	$2,709.21	$323.98	$45,887.57
105	$3,033.19	$2,727.27	$305.92	$43,160.30
106	$3,033.19	$2,745.45	$287.74	$40,414.85
107	$3,033.19	$2,763.76	$269.43	$37,651.09
108	$3,033.19	$2,782.18	$251.01	$34,868.91
Year 9		$32,196.58	$4,201.70
109	$3,033.19	$2,800.73	$232.46	$32,068.18
110	$3,033.19	$2,819.40	$213.79	$29,248.78
111	$3,033.19	$2,838.20	$194.99	$26,410.58
112	$3,033.19	$2,857.12	$176.07	$23,553.46
113	$3,033.19	$2,876.17	$157.02	$20,677.29
114	$3,033.19	$2,895.34	$137.85	$17,781.95
115	$3,033.19	$2,914.64	$118.55	$14,867.31
116	$3,033.19	$2,934.07	$99.12	$11,933.24
117	$3,033.19	$2,953.64	$79.55	$8,979.60
118	$3,033.19	$2,973.33	$59.86	$6,006.27
119	$3,033.19	$2,993.15	$40.04	$3,013.12
120	$3,033.21	$3,013.12	$20.09	$0.00
Year 10		$34,868.91	$1,529.39
Grand Total		$250,000.00	$113,982.82

If you are considering making extra payments on a loan it is typically best to make them early in the loan term, as debt that is extinguished early is not accumulating interest for the remainder of the loan period.

Atlanta Homeowners May Want to Refinance While Rates Are Low

The Federal Reserve has started to taper their bond buying program. Lock in today's low rates and save on your loan.

Are you paying too much for your mortgage?

Find Out What You Qualify For

Check your refinance options with a trusted Atlanta lender.

Answer a few questions below and connect with a lender who can help you refinance and save today!

How do you calculate principal and interest on a monthly mortgage?

Amortizing loans.

Divide your interest rate by the number of payments you'll make that year. ... .

Multiply that number by your remaining loan balance to find out how much you'll pay in interest that month. ... .

Subtract that interest from your fixed monthly payment to see how much in principal you will pay in the first month..

What is the formula for calculating principal and interest?

The new, rearranged formula would be P = I / (RT), which is principal amount equals interest divided by interest rate times the amount of time.

What is the principal and interest on a mortgage payment?

The principal is the amount you borrowed and have to pay back, and interest is what the. For most borrowers, the total monthly payment you send to your mortgage company includes other things, such as homeowners insurance and taxes that may be held in an escrow account.