Making a Difference · Christine Domina & Dan Holt
Mortgage Amortization Comparison
See exactly how extra payments, double-ups, and lump sums change your payoff date and total interest. Real amortization math — not an estimate.
Your mortgage
Your estimated minimum payment
$3,070.44/mo
Optional — play with your payoff
New payment: $3,070.44/mo
(this payment may have to be arranged at the time you get your mortgage or renew — Bank will tell you what is required and you can choose to add on an amount that goes straight to principal.)
Applied once each year on your mortgage anniversary.
(up to 10% of your outstanding mortgage — for most mortgages)
Doubles that scheduled payment — the extra goes straight to principal.
Actual payment
$3,070.44/mo
Total interest
$421,131
Total principal
$500,000
Time to pay off
25 yrs
Where your next payment goes
Of your $3,070.44 payment right now — here's the split between interest and principal (equity you keep).
Updates as your balance drops each period.
To principal (your equity)
$778.7725%
To interest (cost of the loan)
$2,291.6775%
If you continue with these amounts for a year:
Additional principal paid in 12 months
$0
vs. paying only the minimum
Outstanding balance after 12 months
$490,416
if you keep this payment up
Early on, more of each payment covers interest. Every extra dollar you add goes straight to principal — which shifts this split in your favor faster.
The outstanding balance (after paying down the extra on the principal) is the amount you pay interest on — so over time, this compounds and more and more of each payment will be going to principal rather than interest.
Interest vs. principal, year by year
Watch how much of each year goes to interest (red) vs. building your equity (navy).