Fixed 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 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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