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 a one time payment. |
| Prepayment amount |
Amount that will be prepaid on your
mortgage. This amount will be applied to the mortgages 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 months interest calculation. |
| Savings |
Total amount of interest you will save by
prepaying your mortgage. |
