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 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 a one time payment.
Prepayment amount	Amount that will be prepaid on your mortgage. This amount will be applied to the mortgages 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 months interest calculation.
Savings	Total amount of interest you will save by prepaying your mortgage.

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©2000 FPT. Information and the Financial Mortgage Calculator is made available to you as a self-help tool for your independent use. We can not and do not guarantee its accuracy or applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.