If you have been paying on your mortgage for some time and would like to see the effect of making additional payments going forward, use the “Start with payment” box to indicate when you would start paying extra. Note that you can choose to see the effects of a single extra payment or paying extra on a monthly or annual basis. If you wish to see the effects of making additional payments, enter that information in the “Prepayments” box in the middle section. The calculator will immediately show your monthly payments and a breakdown of your total costs and interest costs in the “Total Payments” box further down. Using the Amortization Schedule CalculatorĮnter your original loan amount, interest rate and length of the mortgage in the places indicated. To simply calculate your monthly mortgage payments. Or to see when you would have enough equity accumulated to move up to a nicer home. For long-term planning, to see how much cash you would get if you plan to sell your home in a few years.To determine when you can cancel private mortgage insurance (PMI).To see how much faster you’d pay off loan principle by refinancing to a mortgage with a shorter term and/or lower interest rate.To see the effect of making additional mortgage payments or increasing your monthly payments.There are several situations where this Amortization Schedule Calculator would be useful: An amortization schedule can show you just how much a single or series of payments would shorten your loan an how much you’d save in interest as a result. Making additional payments will accelerate the rate at which you pay down mortgage principle, shortening the term of the loan and reducing the interest you have to pay. It also tells you how much accumulated interest you will have paid at any point in the loan, and how much interest you can expect to end up paying over the life of the mortgage. But as the loan is gradually paid off, the monthly interest charges decline and more of each payment goes toward paying off principle, so that in the latter years of the loan, you’re paying off principle at a rapid rate.Īn amortization schedule allows you to see how this unfolds. Amortization Schedule Calculator OverviewĪ mortgage amortization schedule lets a borrower see how their monthly payments gradually reduce the balance owed on their mortgage over time, and how much of their monthly payments go toward mortgage principle.īecause interest charges are based on your outstanding balance, in the early years of a 30-year mortgage most of your monthly payment goes toward interest and relatively little goes toward paying down principle.
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