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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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Information
and interactive calculators are made available to you as self-help tools
for your independent use. We cannot and do not guarantee their accuracy
or their applicability to your circumstances. We encourage you to seek
personalized advice from qualified professionals regarding all personal
finance issues.
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