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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! 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 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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