{"id":41355,"date":"2020-05-20T08:19:55","date_gmt":"2020-05-20T16:19:55","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=41355"},"modified":"2023-02-13T15:45:37","modified_gmt":"2023-02-13T23:45:37","slug":"what-does-mortgage-amortization-mean","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-amortization\/","title":{"rendered":"What Does Mortgage Amortization Mean?"},"content":{"rendered":"<p>Mortgage amortization refers to the way your mortgage lender applies your loan payments to your principal balance and the interest due on your loan. In the early years of the loan, most of your payment goes toward interest. As years pass, more of your payment gets applied to the principal balance.<\/p>\n<p>This repayment schedule, or amortization schedule, ensures that your home loan will be paid in full when you make your last scheduled payment. Plus, you start building equity with your very first payment.<\/p>\n<p><b>Here\u2019s what you should know about mortgage amortization:<\/b><\/p>\n<ul>\n<li><a href=\"#mortgage-amortization-is-how-home-loans-are-paid-off\">Mortgage amortization is how home loans are paid off<\/a><\/li>\n<li><a href=\"#how-mortgage-amortization-works\">How mortgage amortization works<\/a><\/li>\n<li><a href=\"#how-to-make-your-own-amortization-table\">How to make your own amortization table<\/a><\/li>\n<li><a href=\"#how-to-make-your-own-amortization-schedule\">How to make your own amortization schedule<\/a><\/li>\n<\/ul>\n<p><a name=\"mortgage-amortization-is-how-home-loans-are-paid-off\"><\/a><\/p>\n<h2>Mortgage amortization is how home loans are paid off<\/h2>\n<p>The typical <a href=\"https:\/\/www.credible.com\/mortgage\">home loan<\/a> has a 30-year term, which equals 360 monthly payments. And when the mortgage loan has a fixed interest rate, your principal and interest payment stays the same for the life of the loan.<\/p>\n<p>An amortizing <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/adjustable-rate-mortgage\/\">adjustable-rate mortgage<\/a> works a little differently. Because the interest rate changes periodically, so do the principal and interest payments.<\/p>\n<div class=\"basic-box\" style=\"background: #e8eef6;\"><div class=\"basic-box__inside\"><b>Typically, each mortgage payment is divided into at least two parts:<\/b><\/p>\n<ol>\n<li><b>A principal payment<\/b> toward the balance on your loan<\/li>\n<li><b>An interest payment<\/b> on the balance still owed<\/li>\n<\/ol>\n<\/div><\/div>\n<p>See how much you\u2019ll owe over the life of your home loan using our monthly mortgage payment calculator below.<\/p>\n<div class=\"calculator loan\">\n<div class=\"inputs container\">\n\n\t<p>Enter your loan information<span class=\"hidden-md-up\"> to calculate how much you could pay<\/span><\/p>\n\n  <div class=\"row form-groups\">\n  <div class=\"col-xs-8 col-lg\">\n    <div class=\"form-group\">\n  \t\t<label for=\"loan-amount\">Loan amount<\/label>\n  \t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n  \t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter the total amount borrowed<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t  \t\t<\/span>\n  \t\t<span class=\"input-group loan-amount\">\n  \t\t\t<span class=\"input-group-addon\">$<\/span>\n  \t\t\t<input type=\"number\" value=\"250000\" step=\"1000\" name=\"loan-amount\" id=\"loan-amount\" aria-label=\"Loan amount\" class=\"form-control\" inputmode=\"numeric\" pattern=\"[0-9]*\">\n  \t\t<\/span>\n    <\/div>\n  <\/div>\n  <div class=\"col-xs-6 col-lg\">\n    <div class=\"form-group\">\n  \t\t<label for=\"interest-rate\">Interest rate<\/label>\n  \t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n  \t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter your annual interest rate<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t  \t\t<\/span>\n  \t\t<span class=\"input-group interest-rate\">\n  \t\t\t<input type=\"number\" value=\"6\" step=\".01\" min=\".01\" max=\"100\" name=\"interest-rate\" id=\"interest-rate\" aria-label=\"Interest rate\" class=\"form-control\">\n  \t\t\t<span class=\"input-group-addon\">%<\/span>\n  \t\t<\/span>\n    <\/div>\n\t\t<span class=\"between\">or<\/span>\n  <\/div>\n  <div class=\"col-xs-6 col-lg\">\n    <div class=\"form-group\">\n  \t\t<label for=\"loan-term\">Fixed loan term<\/label>\n  \t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n  \t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter the amount of time you have to repay your loan<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t  \t\t<\/span>\n  \t\t<span class=\"input-group loan-term\">\n  \t\t\t<input name=\"loan-term\" value=\"30\" step=\"1\" min=\"1\" max=\"50\" id=\"loan-term\" aria-label=\"Loan term\" type=\"number\" class=\"form-control\" inputmode=\"numeric\" pattern=\"[0-9]*\">\n  \t\t\t<span class=\"input-group-addon\">years<\/span>\n  \t\t<\/span>\n    <\/div>\n\t<\/div>\n\t<\/div>\n\n<\/div>\n<div class=\"outputs container\">\n\n  <div class=\"results row\">\n  <div class=\"col-xs-6 col-sm-4 col-md-6 col-lg-4\">\n  \tTotal Payment\n  \t<big>$<span class=\"total-payment\"><\/span><\/big>\n  <\/div>\n  <div class=\"col-xs-6 col-sm-4 col-md-6 col-lg-4\">\n  \tTotal Interest\n  \t<big>$<span class=\"total-interest\"><\/span><\/big>\n  <\/div>\n  <div class=\"col-xs-12 col-sm-4 col-md-12 col-lg-4\">\n  \tMonthly Payment\n  \t<big>$<span class=\"monthly-payment\"><\/span><\/big>\n  <\/div>\n  <\/div>\n\n  <p class=\"results-sentence\">\n    With a\n    <strong>$<span class=\"output-loan-amount\"><\/span><\/strong>\n    home    loan, you will pay\n    <strong>$<span class=\"monthly-payment\"><\/span><\/strong>\n    monthly and a total of\n    <strong>$<span class=\"total-interest\"><\/span><\/strong>\n    in interest over the life of your loan. You will pay a total of\n    <strong>$<span class=\"total-payment\"><\/span><\/strong>\n    over the life of the\n    mortgage.\n  <\/p>\n\n  \n  <div class=\"cta\">\n    \n  <\/div>\n\n<\/div>\n<\/div>\n\n<p>Early on, you pay more toward interest than toward the principal balance because more interest accrues each month on the larger principal balance. But each payment chips away at the principal balance, reducing the amount of interest that accrues before your next payment is due.<\/p>\n<p>As the interest diminishes, more of your payment goes to paying down the principal balance. When you make your final payment, you will have repaid the entire amount you borrowed plus all of the interest due on the loan.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Keep in mind: <\/b>Not all loans amortize like this. If you take out an interest-only mortgage loan, for example, you wouldn\u2019t repay any principal balance during the interest-only period \u2014 and if the interest-only period is the full term, you\u2019d pay your entire principal balance in one lump sum at the end of the term.<\/p>\n<p>Revolving debt like a credit card is non-amortizing. As each payment date arrives, you can make a payment consisting of mostly or all interest and carry the principal balance forward to the next month.<\/div><\/div>\n<p><a name=\"how-mortgage-amortization-works\"><\/a><\/p>\n<p><em><strong>Learn More: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/150000-mortgage\/\">How Much a $150,000 Mortgage Will Cost You<\/a><\/strong><\/em><\/p>\n<h2>Here\u2019s how mortgage amortization works<\/h2>\n<p>The first step in working out an amortization schedule is to calculate your monthly payment. Lenders use three variables in that calculation:<\/p>\n<ul>\n<li><b>Loan amount: <\/b>The difference between the purchase price and the <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-much-down-payment\/\">down payment<\/a><\/li>\n<li><b>Interest rate: <\/b>The annual interest rate for the loan<\/li>\n<li><b>Number of payments: <\/b>The total number of payments you\u2019ll make<\/li>\n<\/ul>\n<p>From there, lenders use a formula to create the amortization table.<\/p>\n<p><em><strong>Keep Reading: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-terms\/\">30 Mortgage Terms to Know: Ultimate Glossary for Homebuyers<\/a><\/strong><\/em><\/p>\n<h3>Sample mortgage amortization table<\/h3>\n<p>The sample mortgage amortization schedule below bases the calculation on a 30-year, $180,000 loan with an annual mortgage rate of 4.50%. The calculator came up with the payment and the payment breakdown rounded to the nearest dollar.<\/p>\n<p><b>Though a real mortgage amortization table would show all 360 payments, this hypothetical example shows three months\u2019 worth of payments:<\/b><\/p>\n\n<table id=\"tablepress-299\" class=\"tablepress tablepress-id-299 table table-border-top table-rounded table-no-img-margin table-capitalized-column-titles\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><strong>Payment date<\/strong><\/th><th class=\"column-2\"><strong>Total payment<\/strong><\/th><th class=\"column-3\"><strong>Amount applied to principal<\/strong><\/th><th class=\"column-4\"><strong>Amount applied to interest<\/strong><\/th><th class=\"column-5\"><strong>Principal balance<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><strong>June<\/strong><\/td><td class=\"column-2\">$912<\/td><td class=\"column-3\">$237<\/td><td class=\"column-4\">$675<\/td><td class=\"column-5\">$179,763<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\"><strong>July<\/strong><\/td><td class=\"column-2\">$912<\/td><td class=\"column-3\">$238<\/td><td class=\"column-4\">$674<\/td><td class=\"column-5\">$179,525<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\"><strong>August<\/strong><\/td><td class=\"column-2\">$912<\/td><td class=\"column-3\">$239<\/td><td class=\"column-4\">$673<\/td><td class=\"column-5\">$179,286<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<p><a name=\"how-to-make-your-own-amortization-table\"><\/a><\/p>\n<h2>How to make your own amortization table<\/h2>\n<p>Creating a table for your mortgage amortization allows a deeper dive into how mortgage loans work and how different scenarios affect your loan.<\/p>\n<p>A full amortization table for a 30 year loan will have 360 entries, and it\u2019s best to use a spreadsheet program to organize the information. There are many options available, and most come with a built in formula for calculating the periodic payment on a loan. Some spreadsheet programs call this the \u201cPMT\u201d function, which automatically calculates your loan payment based on the variables listed previously.<\/p>\n<p>In the screenshots below, we used Google Sheets to build an amortization schedule, but you can use any common spreadsheet program to perform similar functions. (Credible does not endorse Google Sheets or any other spreadsheet program.)<\/p>\n<p>Once you\u2019ve created a new spreadsheet, enter the information needed to calculate your payments.<\/p>\n<p>In the sample spreadsheet below, the exact PMT formula to include is: <b>=PMT(B1\/12, B3, B2)<\/b><\/p>\n<p><b>Follow this example, but with your own figures:<\/b><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-41364 size-full\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/05\/image2.png\" alt=\"Example amortization table\" width=\"852\" height=\"350\" srcset=\"https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/05\/image2.png 852w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/05\/image2-600x246.png 600w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/05\/image2-768x315.png 768w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/05\/image2-300x123.png 300w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/05\/image2-150x62.png 150w\" sizes=\"(max-width: 852px) 100vw, 852px\" \/><\/p>\n<p>Hit the Enter key after filling in B4 to run the PMT formula and display the payment amount. In this case, it\u2019s $912.03. Now, you can use that payment amount to create your amortization schedule in a new spreadsheet.<\/p>\n<p><a name=\"how-to-make-your-own-amortization-schedule\"><\/a><\/p>\n<h2>How to make your own amortization schedule<\/h2>\n<p>The amortization schedule that follows shows payments one through six, with no rounding. For these calculations only, the loan balance is expressed in mils \u2014 one mil equals $1,000.<\/p>\n<p><b>Here are the step-by-step calculations for dividing Payment 1 between interest and principal:<\/b><\/p>\n<ol>\n<li>$180,000\/$1,000 = 180 mil beginning loan balance<\/li>\n<li>4.50\/12 = 0.375 monthly interest rate<\/li>\n<li>0.375 * 180 mils = $675 interest payment<\/li>\n<li>912.03 &#8211; 675 = $237.03 principal payment<\/li>\n<li>$180,000 &#8211; $237.03 = $179,762.97 balance<\/li>\n<\/ol>\n<p><img decoding=\"async\" class=\"alignnone wp-image-41363 size-full\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/05\/image1.png\" alt=\"Example amortization schedule\" width=\"1088\" height=\"524\" srcset=\"https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/05\/image1.png 1088w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/05\/image1-600x289.png 600w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/05\/image1-768x370.png 768w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/05\/image1-300x144.png 300w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/05\/image1-150x72.png 150w\" sizes=\"(max-width: 1088px) 100vw, 1088px\" \/><\/p>\n<p>Payment 0 indicates the month after you purchase your home and take out your mortgage. You pay mortgage loans after the billing period rather than before \u2014 so you don\u2019t make a payment the first month after you close.<\/p>\n<p>Once you\u2019ve figured out the first payment, you can apply the same calculations to each subsequent month using the new loan balance left over after your prior payment until you\u2019ve worked out the schedule for the entire loan.<\/p>\n<p><b>Once you have this information, you can:<\/b><\/p>\n<ol>\n<li>Set a budget for <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/cost-to-buy-house\/\">buying a home<\/a><\/li>\n<li>Test how different down-payment amounts affect your payment and the long-term cost of your loan<\/li>\n<li>See how much you can save by shopping for the <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-get-the-best-mortgage-rate\/\">best mortgage rate<\/a><\/li>\n<li>Explore how extra payments, which your lender may apply to pay down your principal, save you money on interest and help you repay your loan faster<\/li>\n<\/ol>\n<div class=\"basic-box\" style=\"background: #e8eef6;\"><div class=\"basic-box__inside\"><b>Tip: <\/b>Every principal payment increases your equity in your home \u2014 equity being the amount of your home\u2019s value minus the value of any liens or loans secured by the home. Equity is a vital asset, and staying on top of it is an important part of a sound financial strategy.<\/div><\/div>\n<p class=\"p1\">\n<p><div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><\/p>\n<h3><span style=\"font-size: x-large;\"><strong>Credible makes finding a mortgage easy<\/strong><\/span><\/h3>\n<h6 class=\"accent--isGrayLight\">Compare prequalified mortgage rates from top lenders in just 3 minutes.<\/h6>\n<ul class=\"list--iconArrow accent--isGreen list--iconCheckmarkSolidCircle\">\n<li>Personalized rates, not generic<\/li>\n<li>One simple, safe TLS-encrypted form<\/li>\n<li>No spam calls from lenders<\/li>\n<li>Checking rates is free, with no commitment<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/mortgage\/form\/property-stage?utm_source=wp-credible&amp;utm_medium=mp-box-cta&amp;utm_campaign=seo\" target=\"_blank\" rel=\"noopener\">Find My Rate<\/a><br \/>\n<!-- TrustBox widget - Micro Combo --><\/p>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div>\n<p><!-- End TrustBox widget --><\/p>\n<p><\/div><\/div><\/p>\n\n","protected":false},"excerpt":{"rendered":"<p>Mortgage amortization refers to the way your mortgage lender applies your loan payments to your principal balance and the interest due on your loan. In the early years of the loan, most of your payment&hellip; <a class=\"more \" href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-amortization\/\">Continue reading<\/a><\/p>\n","protected":false},"author":103,"featured_media":41367,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"inline_featured_image":false,"footnotes":""},"categories":[1463],"tags":[1534,1524,1528],"class_list":["post-41355","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages","tag-home-loans-101","tag-mortgage-purchase","tag-mortgage-rates-sidebar-no-table","what-does-mortgage-amortization-mean","post_tag-home-loans-101","post_tag-mortgage-purchase","post_tag-mortgage-rates-sidebar-no-table"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What Does Mortgage Amortization Mean? Here&#039;s What to Know | Credible<\/title>\n<meta name=\"description\" content=\"Mortgage amortization is the method lenders use to divide your payments so your loan is repaid in full when you make your last payment. Here\u2019s how it works.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-amortization\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Does Mortgage Amortization Mean? Here&#039;s What to Know | Credible\" \/>\n<meta property=\"og:description\" content=\"Mortgage amortization is the method lenders use to divide your payments so your loan is repaid in full when you make your last payment. 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