Your first mortgage payment is almost all interest. See exactly how the principal-and-interest split flips over the life of a loan — and why extra early payments pay off.
Loan / Mortgage AmortizationLive
where each payment goes
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A fixed-rate loan has a level monthly payment, but its split shifts over time: early payments are mostly interest, later ones mostly principal. That is why paying extra early, or choosing a shorter term, saves so much interest. Educational tool, not financial advice.
Reading this result: At 6.50% APR over 30 years, the monthly payment is $2,212 and you pay $446,406 in interest — about 128% of the amount borrowed. The payment is level, but its split shifts: your first payment is mostly interest (86% of it), while the last is almost all principal. A higher rate or a longer term sharply raises the total interest, and paying extra early attacks principal before interest can accrue on it.
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How it works
A fixed-rate loan is repaid with a level monthly payment computed from the amount, rate, and term. Early payments are mostly interest because the balance is largest; as the balance falls, more of each payment goes to principal. The chart shows this crossover and the total interest paid. Educational tool, not financial advice.
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