Mortgage Loan Calculator
Use this calculator to generate an amortization schedule for your current
mortgage. Quickly see how much interest you will pay and your 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.
- Interest rate
- Annual interest rate for this 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.
- 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 assume to happen before the first payment of the loan.
- Savings
- Total amount of interest you will save by prepaying your mortgage.
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