Mortgage Loan Calculator
Use this calculator to generate an amortization schedule for your current mortgage
and also determine the Annual Percentage Rate (APR). 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.
Please be sure to replace the default values presented
here with your own values before you press the calculate
button!
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. If you choose to prepay with
a one-time payment for payment number ZERO, the prepayment is assume to
happen before the first payment of the loan.
- Savings
- Total amount of interest you will save by prepaying
your mortgage.
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1755 W. Broadway St.
Suite 1
Oviedo, FL 32765
(407) 977-5656
(888) 854-RATE
Fax: (407)
977-7727
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