mortgage 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.

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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 by Pack Maynard and Associates Real Estate as self-help tools for your independent use and are not intended to provide investment advice. Pack Maynard 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.

pack maynard and associates real estate llc
165 port road | kennebunk, maine 04043
phone :: (207) 967-3883 | fax :: (207) 967-8382
email :: info@pmrealestate.com
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