Mortgage Loan Calculator

Use this calculator to generate an estimated amortization schedule for your current mortgage. Quickly see how much interest you could pay and your estimated principal balances. You can even determine the impact of any principal prepayments! Press the "Calculate" button for a full yearly or monthly amortization schedule.

Definitions

• Mortgage amount

  Original or expected balance for your 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
   

• Interest rate

  Annual fixed interest rate for this mortgage.
   

• 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. 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.