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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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