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Use this calculator to determine what your mortgage will be and how to save interest with Prepayments!
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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 "View Report" button for a full yearly or monthly amortization schedule.

Financial Calculator Results
Mortgage Loan Calculator Results

Your payment is MONTHLY_PI for TERM years with a rate of INTEREST_RATE.

Mortgage Summary
Loan amountLOAN_AMOUNT
TermTERM years
Interest rateINTEREST_RATE
Monthly paymentMONTHLY_PI
Total paymentsTOTAL_OF_PAYMENTS
Total interestINTEREST_PAID

Prepayment Results

Principal prepayments on your mortgage can save you a great deal of interest. They can also shorten the time it takes to pay off your mortgage, in many cases, by several years. PREPAY_MESSAGE

Prepayment Summary
AmountPREPAY_AMOUNT PREPAY_TYPE
Start with paymentPREPAY_STARTS_WITH 
Total paymentsPREPAY_TOTAL_OF_PAYMENTS 
Total interestPREPAY_INTEREST_PAID 
Interest savingsPREPAY_INTEREST_SAVINGS 

Payment schedule
**REPEATING GROUP**

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.



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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 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 you 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.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.