Mortgage Loan Calculator
Use this calculator to generate an estimated amortization
schedule for your current mortgage. Quickly see how much interest
you could pay and your estimated principal balances. You can even
determine the impact of any principal prepayments! Press the "View
Report" button for a full yearly or monthly amortization
schedule.
Definitions
- Mortgage amount
- Original or expected balance for your mortgage.
- Term in years
- The number of years over which you will repay this loan. The
most common mortgage terms are 15 years and 30 years.
- Interest rate
- Annual fixed interest rate for this mortgage.
- Monthly payment
- Monthly principal and interest payment (PI).
- Total payments
- Total of all monthly payments over the full term of the
mortgage. This total payment amount assumes that there are no
prepayments of principal.
- Total interest
- Total of all interest paid over the full term of the mortgage.
This total interest amount assumes that there are no prepayments of
principal.
- Prepayment type
- The frequency of prepayment. The options are none, monthly,
yearly and one-time payment.
- Prepayment amount
- Amount that will be prepaid on your mortgage. This amount will
be applied to the mortgage principal balance, based on the
prepayment type.
- Start with payment
- This is the payment number that your prepayments will begin
with. For a one-time payment, this is the payment number that the
single prepayment will be included in. All prepayments of principal
are assumed to be received by your lender in time to be included in
the following month's interest calculation. If you choose to prepay
with a one-time payment for payment number zero, the prepayment is
assumed to happen before the first payment of the loan.
- Savings
- Total amount of interest you will save by prepaying your
mortgage.
|