# 10 Year Fixed Rate Mortgage Amortization Example

The 10 year fixed rate mortgage offers consistent monthly payments and generally has a lower interest rate compared to longer term mortgages.

In this example, we compare the amortization schedules for a \$150,000 10 year fixed mortgage at a 2.5% annual interest rate to a 15 year fixed mortgage at 2.625%.

After reviewing this example, enter your desired mortgage amount and term into the mortgage amortization calculator to see how the principal and interest change over time and help you decide which mortgage best meets your needs.

Amortization Calculator
This 10 year fixed has a monthly payment that is approximately \$405 higher than the 15 year fixed. However, the 10 year fixed would save you approximately \$11,940 in total interest over the life of the loan. As you can see, the length of time you plan to keep your mortgage can have a real impact on which type of mortgage will be most appropriate for you.
MonthPrincipal
Interest
Payment
InterestPrincipalBalance
1\$1,414\$312\$1,102\$148,898
2\$1,414\$310\$1,104\$147,795
3\$1,414\$308\$1,106\$146,688
4\$1,414\$306\$1,108\$145,580
5\$1,414\$303\$1,111\$144,469
6\$1,414\$301\$1,113\$143,356
7\$1,414\$299\$1,115\$142,241
8\$1,414\$296\$1,118\$141,123
9\$1,414\$294\$1,120\$140,003
10\$1,414\$292\$1,122\$138,881
11\$1,414\$289\$1,125\$137,756
12\$1,414\$287\$1,127\$136,629
Year 1\$16,969\$3,597\$13,371
13\$1,414\$285\$1,129\$135,499
14\$1,414\$282\$1,132\$134,368
15\$1,414\$280\$1,134\$133,234
16\$1,414\$278\$1,136\$132,097
17\$1,414\$275\$1,139\$130,958
18\$1,414\$273\$1,141\$129,817
19\$1,414\$270\$1,144\$128,673
20\$1,414\$268\$1,146\$127,527
21\$1,414\$266\$1,148\$126,379
22\$1,414\$263\$1,151\$125,228
23\$1,414\$261\$1,153\$124,075
24\$1,414\$258\$1,156\$122,920
Year 2\$16,969\$3,259\$13,709
25\$1,414\$256\$1,158\$121,762
26\$1,414\$254\$1,160\$120,601
27\$1,414\$251\$1,163\$119,438
28\$1,414\$249\$1,165\$118,273
29\$1,414\$246\$1,168\$117,106
30\$1,414\$244\$1,170\$115,936
31\$1,414\$242\$1,173\$114,763
32\$1,414\$239\$1,175\$113,588
33\$1,414\$237\$1,177\$112,411
34\$1,414\$234\$1,180\$111,231
35\$1,414\$232\$1,182\$110,048
36\$1,414\$229\$1,185\$108,864
Year 3\$16,969\$2,913\$14,056
37\$1,414\$227\$1,187\$107,676
38\$1,414\$224\$1,190\$106,487
39\$1,414\$222\$1,192\$105,294
40\$1,414\$219\$1,195\$104,100
41\$1,414\$217\$1,197\$102,903
42\$1,414\$214\$1,200\$101,703
43\$1,414\$212\$1,202\$100,501
44\$1,414\$209\$1,205\$99,296
45\$1,414\$207\$1,207\$98,089
46\$1,414\$204\$1,210\$96,879
47\$1,414\$202\$1,212\$95,667
48\$1,414\$199\$1,215\$94,452
Year 4\$16,969\$2,557\$14,411
49\$1,414\$197\$1,217\$93,235
50\$1,414\$194\$1,220\$92,015
51\$1,414\$192\$1,222\$90,793
52\$1,414\$189\$1,225\$89,568
53\$1,414\$187\$1,227\$88,340
54\$1,414\$184\$1,230\$87,110
55\$1,414\$181\$1,233\$85,878
56\$1,414\$179\$1,235\$84,643
57\$1,414\$176\$1,238\$83,405
58\$1,414\$174\$1,240\$82,165
59\$1,414\$171\$1,243\$80,922
60\$1,414\$169\$1,245\$79,676
Year 5\$16,969\$2,193\$14,776
61\$1,414\$166\$1,248\$78,428
62\$1,414\$163\$1,251\$77,178
63\$1,414\$161\$1,253\$75,924
64\$1,414\$158\$1,256\$74,669
65\$1,414\$156\$1,258\$73,410
66\$1,414\$153\$1,261\$72,149
67\$1,414\$150\$1,264\$70,885
68\$1,414\$148\$1,266\$69,619
69\$1,414\$145\$1,269\$68,350
70\$1,414\$142\$1,272\$67,078
71\$1,414\$140\$1,274\$65,804
72\$1,414\$137\$1,277\$64,527
Year 6\$16,969\$1,819\$15,149
73\$1,414\$134\$1,280\$63,247
74\$1,414\$132\$1,282\$61,965
75\$1,414\$129\$1,285\$60,680
76\$1,414\$126\$1,288\$59,392
77\$1,414\$124\$1,290\$58,102
78\$1,414\$121\$1,293\$56,809
79\$1,414\$118\$1,296\$55,513
80\$1,414\$116\$1,298\$54,215
81\$1,414\$113\$1,301\$52,914
82\$1,414\$110\$1,304\$51,610
83\$1,414\$108\$1,307\$50,304
84\$1,414\$105\$1,309\$48,994
Year 7\$16,969\$1,436\$15,533
85\$1,414\$102\$1,312\$47,682
86\$1,414\$99\$1,315\$46,368
87\$1,414\$97\$1,317\$45,050
88\$1,414\$94\$1,320\$43,730
89\$1,414\$91\$1,323\$42,407
90\$1,414\$88\$1,326\$41,081
91\$1,414\$86\$1,328\$39,753
92\$1,414\$83\$1,331\$38,422
93\$1,414\$80\$1,334\$37,088
94\$1,414\$77\$1,337\$35,751
95\$1,414\$74\$1,340\$34,411
96\$1,414\$72\$1,342\$33,069
Year 8\$16,969\$1,043\$15,925
97\$1,414\$69\$1,345\$31,724
98\$1,414\$66\$1,348\$30,376
99\$1,414\$63\$1,351\$29,025
100\$1,414\$60\$1,354\$27,672
101\$1,414\$58\$1,356\$26,315
102\$1,414\$55\$1,359\$24,956
103\$1,414\$52\$1,362\$23,594
104\$1,414\$49\$1,365\$22,229
105\$1,414\$46\$1,368\$20,861
106\$1,414\$43\$1,371\$19,491
107\$1,414\$41\$1,373\$18,117
108\$1,414\$38\$1,376\$16,741
Year 9\$16,969\$640\$16,328
109\$1,414\$35\$1,379\$15,362
110\$1,414\$32\$1,382\$13,980
111\$1,414\$29\$1,385\$12,595
112\$1,414\$26\$1,388\$11,207
113\$1,414\$23\$1,391\$9,816
114\$1,414\$20\$1,394\$8,423
115\$1,414\$18\$1,396\$7,026
116\$1,414\$15\$1,399\$5,627
117\$1,414\$12\$1,402\$4,224
118\$1,414\$9\$1,405\$2,819
119\$1,414\$6\$1,408\$1,411
120\$1,414\$3\$1,411\$0
Year 10\$16,968\$228\$16,741
Grand
Total
\$169,686\$19,686\$150,000

## Mortgage Calculator - Help

Amortization Schedule
The amortization schedule show you how monthly principal and interest payment and principal balances change over the life of your loan.
Interest
The portion of your mortgage payment that is due to the interest rate being applied to the principal balance. The Total Interest for a mortgage is the sum of all interest paid over the life of a loan.
Interest Rate
The percentage of the principal balance of your mortgage that determines how much interest you must pay. The interest rate on your mortgage may change or remain the same depending on the type of loan you have.
Loan Amount
The initial principal balance or your mortgage at closing.
Principal
The portion of your mortgage payment that is used to pay down the current balance of your mortgage. The principal balance represents how much you owe on the mortgage.
Term
The amortization term is one of the key factors that determine your required mortgage payment. Your required mortgage payment for fully amortizing mortgages is the amount that would result in the mortgage being closest to being paid off by the end of the amortization term. Longer amortization terms result in lower required mortgage payments for fully amortizating mortgages, all other things being equal.