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.
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 interest rate for this mortgage.
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.
Monthly payment
Monthly principal and interest payment (PI).
Monthly payment (PITI)
Monthly payment including principal, interest, home owners insurance
and property taxes.
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.
