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. This calculator also allows you to enter your estimated insurance and
property taxes. Press the "View Report" button for a full yearly or monthly
amortization schedule.
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Current Mortgage Rate Information
Fixed Rate Mortgage Information
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).
- Monthly payment (PITI)
- Monthly payment including principal, interest,
home owners insurance and property taxes.
- Annual property taxes
- The annual amount you expect to pay in property
taxes. This amount is divided by 12 to determine the monthly property tax
included in PITI.
- Annual home insurance
- The annual amount you expect to pay in home owners
insurance. This amount is divided by 12 to determine the monthly home owners
insurance included in PITI.
- 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 assumed 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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