This calculator estimates your current mortgage's amortization (pay off) schedule. You'll view how much interest you might pay, as well as your estimated principal balances. You will also be able to figure the effect of any principal prepayments. Simply press the "View Report" button to see a full yearly or monthly amortization schedule.

Mortgage amount

The beginning or anticipated mortgage balance.

Term in years

The length of time it will take to repay this loan. Popular mortgage terms are 15 years and 30 years.

Interest rate

The annual fixed (non-changing) rate of interest charged for this mortgage. This is the rate which is charged or paid for the use of money. It is expressed as an annual percentage of the principal. It's calculated by dividing the amount of interest by the amount of principal.

Monthly payment

Amount of principal and interest paid (PI) each month.

Total payments

The grand total of your monthly payments over the life of the mortgage. This assumes no principal prepayments.

Total interest

This is the amount of all interest paid over the life of the mortgage. This assumes no principal prepayments.

Prepayment type

This is the prepayment timetable. The choices are: none, monthly, yearly, and one-time payment.

Prepayment amount

The total to be prepaid on your mortgage. The amount applied to the principal balance depends of the prepayment type.

Start with payment

This is the amount of your starting prepayments. For a one-time payment, this is the amount the single prepayment is included in. All prepayments of the principal balance are included in the next month's interest calculation. If you opt for a prepay with a one-time payment amount of ZERO, the prepayment is assumed to occur before the loan's first payment.

Savings

Total amount of interest you will save by prepaying your mortgage loan.