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.
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- 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.
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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.
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