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Compare three mortgages at one time.
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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.
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.
The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't 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.
Martin Bouma Keller Williams Realty 564 South Main Street Ann Arbor, MI 48104 Office: 734-761-9666 Office: 734-761-3060 Toll Free: 877-761-3060 Fax: 734-761-1824 Email: MartinBouma@NUMBER1EXPERT.com
Martin Bouma has worked hard to become Keller Williams #1 agent in Washtenaw County and #11 in the nation. Because of his superior work ethic, dedication to his clients, and strong team to support him, Martin has developed a tremendous network of clients who appreciate true professionalism. His total commitment to service is second to none.
Along with over 22 years of experience in the real estate community, Martin Bouma offers his clients unique, cutting edge marketing strategies and expertise of the current marketplace. With over $50 million in sales in 2007, Martin and his team helped 210 families move into new homes.
Martin and his team are always available to provide service and guidance to his clients during the transaction and after the sale - whatever their particular real estate needs. When you are ready to buy or sell a home, call Martin Bouma, Washtenaw County's real estate professional.
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