Rates
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 assumed 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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