Most consumer loans require you to pay the interest on your balance each month. Only then is any additional money applied to paying off your debt. (Think about your credit cards.)

So consider a $100,000 mortgage at 6.0% annual interest for 30 years. The monthly payment will always be $599.55 a month for principal and interest.

For the first month, $500 goes to pay your interest and the remaining $99.55 is applied against your debt. With each passing month, the portion going to interest falls a little and the portion applied to reducing the principal increases.

After almost 19 years, the amount is split equally between principal and interest, and for the last 11 years of the loan more than half of what you pay goes towards reducing the principal.

Our mortgage payment calculator will show you how much you'll pay in interest and principal for any loan. Just fill in the amount and terms and click "Show Amortization Table."

Whether you're buying a home or refinancing an existing mortgage, we have a mortgage calculator that can help you make the right decisions.