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 you 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.
Information and interactive calculators are made available to you as self-help tools
for your independent use and are not intended to provide investment advice. We can
not and do not guarantee their applicability or accuracy in regards to your individual
circumstances. All examples are hypothetical and are for illustrative purposes.
We encourage you to seek personalized advice from qualified professionals regarding
all personal finance issues.
