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 report button for a full amortization schedule, either by year or by month.

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Definitions

Mortgage amountOriginal or expected balance for your mortgage.
Interest rateAnnual interest rate for this mortgage
Term in yearsThe number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.
Monthly paymentMonthly principal and interest payment (PI).
Total paymentsTotal of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.
Total interestTotal of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.
Prepayment typeThe frequency of prepayment. The options are none, monthly, yearly and a one time payment.
Prepayment amountAmount that will be prepaid on your mortgage. This amount will be applied to the mortgages principal balance, based on the prepayment type.
Start with paymentThis 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 months interest calculation.
SavingsTotal amount of interest you will save by prepaying your mortgage.



information and interactive calculators are made available to you as self-help tools for your independent use. We can not 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.