Where do these numbers come from?
- Freddie MacPrimary Mortgage Market Survey: 30-yr fixed 7.32%, 15-yr 6.68%week of Oct 22, 2026
- U.S. Census BureauACS 5-year table B25103, property taxes paid by ZIP2020–2024 estimates
- U.S. Census BureauACS 5-year table B25077, median home value2020–2024 estimates
- CFPBWhen PMI must be removed (Homeowners Protection Act, 78% LTV)accessed Oct 23, 2026
- Insurance Information InstituteAverage homeowners (HO-3) premium, 2022 (NAIC data)accessed Oct 23, 2026
Checked Oct 23, 2026. $320,000 borrowed at 6.5% for 30 years: this calculator gives $2,022.62 a month in principal and interest, and =PMT(6.5%/12; 360; -320000) in LibreOffice Calc (the same PMT function as Excel and Google Sheets) returns 2,022.62. At this week's Freddie Mac average of 7.32% both give $2,198.18.
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How amortization works
The payment is fixed: M = P × r ÷ (1 − (1 + r)−n). Each month, interest = balance × r, and the rest of the payment reduces principal. On $320,000 at 6.5% the payment is $2,022.62; month one is $1,733.33 of interest and $289.28 of principal.
Balance over time ($320,000, 6.5%, 30 years)
| After year | Balance | Paid off |
|---|---|---|
| 1 | $316,423 | 1% |
| 5 | $299,555 | 6% |
| 10 | $271,284 | 15% |
| 15 | $232,189 | 27% |
| 20 | $178,129 | 44% |
| 25 | $103,373 | 68% |
Open the schedules under the calculator for every month, or download them as CSV. Set property tax and insurance to 0 to model a plain loan.
Sources and assumptions
- Balance after k payments = P(1 + r)k − M((1 + r)k − 1) ÷ r.
Related
Frequently asked questions
What is an amortization schedule?
A table of every payment showing how much goes to interest, how much to principal, and the remaining balance.
Why is so much of my payment interest at first?
Interest is charged on the balance, which is largest at the start. As the balance falls, more of each payment goes to principal.