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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!
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 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.
- Savings
- Total amount of interest you
will save by prepaying your
mortgage.
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