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"30-Year Amortization Table" 

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Article: "30-Year Amortization Table and Why You Should Apply More Money To Your Principal Every Month"

By Andre Plessis

"30-Year Amortization Table and Why You Should Apply More Money To Your Principal Every Month"

It is very important that you understand how you pay off a 30-year mortgage. As you can see in the amortization table, the first years of the loan you pay a lot of interest and not much towards principal. It is only on the 19th year that you will be applying half of your monthly mortgage payment to your principal. Not very exciting! You can view a 15-year amortization table and see the difference. With a 15-year mortgage you already apply almost half of your monthly payment to your principal immediately. The interest paid on a 30-year loan is $279,017.80 and you only pay $123,578.18 on a 15-year loan.

It is important to realize that refinancing over and over is not in your best interest. You will never pay any money towards principal if you refinance every 5 years and get a 30-year loan each time. The only way you can pay off your mortgage faster is if you choose a 15-year loan or pay more money towards principal every month.

As a rule I always suggest homeowners to pay more money starting day one. Get into the habit of paying extra towards principal. It will save you TENS OF THOUSANDS OR HUNDREDS OF THOUSANDS OF DOLLARS in interest payments. That money is better in your pocket then the lender's pocket.

Amortization Tables

Calculation Results

Loan Amount: $200,000.00   -  Term of the Loan: 30 years  -  Interest Rate: 7.000%

Monthly mortgage payments: $1,330.60   -  Total interest paid over the life of the loan: $279,017.80

 

Calculation Results

Loan Amount: $100,000.00   ~  Term of the Loan: 30 years  ~  Interest Rate: 7.000%

Monthly mortgage payments: $665.30   ~  Total interest paid over the life of the loan: $139,508.90

 

Amortization Table

Pmt # Date Loan Balance Interest Principal Total Interest
1   January 1, 2007  199,836.06   1,166.67   163.94   1,166.67  
2   February 1, 2007  199,671.17   1,165.71   164.89   2,332.38  
3   March 1, 2007  199,505.31   1,164.75   165.86   3,497.13  
4   April 1, 2007  199,338.49   1,163.78   166.82   4,660.91  
5   May 1, 2007  199,170.69   1,162.81   167.80   5,823.71  
6   June 1, 2007  199,001.91   1,161.83   168.78   6,985.54  
7   July 1, 2007  198,832.15   1,160.84   169.76   8,146.39  
8   August 1, 2007  198,661.40   1,159.85   170.75   9,306.24  
9   September 1, 2007  198,489.66   1,158.86   171.75   10,465.10  
10   October 1, 2007  198,316.91   1,157.86   172.75   11,622.96  
11   November 1, 2007  198,143.15   1,156.85   173.76   12,779.81  
12   December 1, 2007  197,968.38   1,155.84   174.77   13,935.64  
Pmt # Date Loan Balance Interest Principal Total Interest
13   January 1, 2008  197,792.59   1,154.82   175.79   15,090.46  
14   February 1, 2008  197,615.78   1,153.79   176.81   16,244.25  
15   March 1, 2008  197,437.93   1,152.76   177.85   17,397.00  
16   April 1, 2008  197,259.05   1,151.72   178.88   18,548.73  
17   May 1, 2008  197,079.12   1,150.68   179.93   19,699.40  
18   June 1, 2008  196,898.14   1,149.63   180.98   20,849.03  
19   July 1, 2008  196,716.11   1,148.57   182.03   21,997.60  
20   August 1, 2008  196,533.02   1,147.51   183.09   23,145.12  
21   September 1, 2008  196,348.85   1,146.44   184.16   24,291.56  
22   October 1, 2008  196,163.62   1,145.37   185.24   25,436.93  
23   November 1, 2008  195,977.30   1,144.29   186.32   26,581.21  
24   December 1, 2008  195,789.89   1,143.20   187.40   27,724.41  
Pmt # Date Loan Balance Interest Principal Total Interest
25   January 1, 2009  195,601.40   1,142.11   188.50   28,866.52  
26   February 1, 2009  195,411.80   1,141.01   189.60   30,007.53  
27   March 1, 2009  195,221.10   1,139.90   190.70   31,147.43  
28   April 1, 2009  195,029.28   1,138.79   191.82   32,286.22  
29   May 1, 2009  194,836.35   1,137.67   192.93   33,423.89  
30   June 1, 2009  194,642.29   1,136.55   194.06   34,560.44  
31   July 1, 2009  194,447.10   1,135.41   195.19   35,695.85  
32   August 1, 2009  194,250.77   1,134.27   196.33   36,830.13  
33   September 1, 2009  194,053.29   1,133.13   197.48   37,963.26  
34   October 1, 2009  193,854.66   1,131.98   198.63   39,095.23  
35   November 1, 2009  193,654.88   1,130.82   199.79   40,226.05  
36   December 1, 2009  193,453.93   1,129.65   200.95   41,355.71  
Pmt # Date Loan Balance Interest Principal Total Interest
37   January 1, 2010  193,251.80   1,128.48   202.12   42,484.19  
38   February 1, 2010  193,048.50   1,127.30   203.30   43,611.49  
39   March 1, 2010  192,844.01   1,126.12   204.49   44,737.61  
40   April 1, 2010  192,638.33   1,124.92   205.68   45,862.53  
41   May 1, 2010  192,431.45   1,123.72   206.88   46,986.25  
42   June 1, 2010  192,223.36   1,122.52   208.09   48,108.77  
43   July 1, 2010  192,014.06   1,121.30   209.30   49,230.07  
44   August 1, 2010  191,803.53   1,120.08   210.52   50,350.15  
45   September 1, 2010  191,591.78   1,118.85   211.75   51,469.01  
46   October 1, 2010  191,378.80   1,117.62   212.99   52,586.63  
47   November 1, 2010  191,164.57   1,116.38   214.23   53,703.00  
48   December 1, 2010  190,949.09   1,115.13   215.48   54,818.13  
Pmt # Date Loan Balance Interest Principal Total Interest
49   January 1, 2011  190,732.36   1,113.87   216.74   55,932.00  
50   February 1, 2011  190,514.36   1,112.61   218.00   57,044.61  
51   March 1, 2011  190,295.08   1,111.33   219.27   58,155.94  
52   April 1, 2011  190,074.53   1,110.05   220.55   59,265.99  
53   May 1, 2011  189,852.70   1,108.77   221.84   60,374.76  
54   June 1, 2011  189,629.57   1,107.47   223.13   61,482.24  
55   July 1, 2011  189,405.13   1,106.17   224.43   62,588.41  
56   August 1, 2011  189,179.39   1,104.86   225.74   63,693.27  
57   September 1, 2011  188,952.33   1,103.55   227.06   64,796.82  
58   October 1, 2011  188,723.95   1,102.22   228.38   65,899.04  
59   November 1, 2011  188,494.24   1,100.89   229.72   66,999.93  
60   December 1, 2011  188,263.18   1,099.55   231.06   68,099.48  
Pmt # Date Loan Balance Interest Principal Total Interest
61   January 1, 2012  188,030.78   1,098.20   232.40   69,197.68  
62   February 1, 2012  187,797.02   1,096.85   233.76   70,294.53  
63   March 1, 2012  187,561.90   1,095.48   235.12   71,390.01  
64   April 1, 2012  187,325.40   1,094.11   236.49   72,484.12  
65   May 1, 2012  187,087.53   1,092.73   237.87   73,576.85  
66   June 1, 2012  186,848.27   1,091.34   239.26   74,668.20  
67   July 1, 2012  186,607.61   1,089.95   240.66   75,758.14  
68   August 1, 2012  186,365.55   1,088.54   242.06   76,846.69  
69   September 1, 2012  186,122.08   1,087.13   243.47   77,933.82  
70   October 1, 2012  185,877.18   1,085.71   244.89   79,019.53  
71   November 1, 2012  185,630.86   1,084.28   246.32   80,103.82  
72   December 1, 2012  185,383.10   1,082.85   247.76   81,186.66  
Pmt # Date Loan Balance Interest Principal Total Interest
73   January 1, 2013  185,133.90   1,081.40   249.20   82,268.07  
74   February 1, 2013  184,883.24   1,079.95   250.66   83,348.01  
75   March 1, 2013  184,631.12   1,078.49   252.12   84,426.50  
76   April 1, 2013  184,377.53   1,077.01   253.59   85,503.51  
77   May 1, 2013  184,122.46   1,075.54   255.07   86,579.05  
78   June 1, 2013  183,865.91   1,074.05   256.56   87,653.10  
79   July 1, 2013  183,607.85   1,072.55   258.05   88,725.65  
80   August 1, 2013  183,348.29   1,071.05   259.56   89,796.69  
81   September 1, 2013  183,087.22   1,069.53   261.07   90,866.23  
82   October 1, 2013  182,824.62   1,068.01   262.60   91,934.23  
83   November 1, 2013  182,560.50   1,066.48   264.13   93,000.71  
84   December 1, 2013  182,294.83   1,064.94   265.67   94,065.65  
Pmt # Date Loan Balance Interest