See exactly how your mortgage balance shrinks over time. Find out how much interest you will pay and what early payoff saves you.
Need your monthly payment first?
The mortgage calculator gives you the full breakdown including Marion County taxes, insurance, PMI, and closing costs before you run the amortization schedule.
Use the Mortgage Calculator ›Not sure how much house you can afford yet? Calculate your mortgage payment first using the calculator above, then come back here to see the full breakdown. If you are comparing renting and buying, the Rent vs Buy calculator is listed in the Related Calculators section below.
Every fixed-rate mortgage works the same way. Early payments are mostly interest. Late payments are mostly principal. This calculator shows you exactly where your money goes every month and what you save by paying extra.
Monthly Payment
Principal & interest only
Total Interest Paid
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Total Cost of Loan
Paid off: --
First time buying in Indianapolis?
Our step-by-step guide covers every stage from checking your credit to closing day, with Indianapolis-specific timelines and costs.
Read the First-Time Buyer Guide ›Each bar shows how your annual payment splits between paying down your balance (principal) and paying the lender (interest). The shift from interest-heavy to principal-heavy is the most important thing to understand about your mortgage.
Each row shows one year of payments. Watch the remaining balance column to see how slowly the balance drops in the early years.
| Year | Principal Paid | Interest Paid | Total Paid | Remaining Balance |
|---|
Every payment, month by month. Use this to plan exactly when to make extra payments for maximum impact.
| Month | Payment | Principal | Interest | Remaining Balance |
|---|
Here is what the calculator produces for a typical Indianapolis first-time buyer: $240,000 home (Redfin median, February 2026), 5% down, $228,000 loan, 6.5% interest rate, 30-year term.
Extra payment impact: Adding $200 per month to this loan cuts the payoff time by roughly 101 months (about 8.5 years) and saves approximately $93,000 in total interest. The earlier extra payments begin, the greater the impact because savings compound across more remaining months.
Interest rate used for illustration only. Verify current rates with your lender. Enter your own numbers above for a personalized schedule.
Every fixed-rate mortgage payment is split between interest and principal, but that split is not fixed. Interest is charged on your remaining loan balance, which means the interest portion of each payment is highest at the very start of the loan when the balance is at its peak. As you pay down the balance month by month, less interest accrues and more of each payment reduces what you owe. The chart above shows this shift visually: the early years are weighted heavily toward interest, and the later years flip toward principal.
On a standard 30-year loan, the point where principal overtakes interest in each payment typically falls around year 18 or 19. Many buyers are surprised by this. It means that for roughly the first half of a 30-year mortgage, most of each payment is going to the lender in interest rather than building equity in the home. Choosing a shorter loan term changes this dynamic significantly. A 15-year loan has a higher monthly payment, but because the balance is paid down much faster, the total interest paid over the life of the loan is substantially lower. Run both terms in the calculator above to see the difference for your specific numbers.
Extra payments work on the same principle. Any amount paid beyond the required monthly payment applies directly to the principal balance. Reducing the balance early means less interest accrues on every remaining payment for the rest of the loan. A consistent extra payment each month can shorten a 30-year loan by several years and eliminate a meaningful amount of total interest. The earlier in the loan you make extra payments, the greater the impact, because the savings compound across more remaining months. The Extra Payment Savings section above calculates the exact effect for your loan details.
Buying a duplex or multi-unit property?
The House Hacking calculator shows how rental income from tenants reduces your effective monthly payment as an owner-occupant.
Use the House Hacking Calculator ›