Amortization Schedule Calculator

Amortization is paying off a debt over time in equal installments. Part of each payment goes toward the interest, and the other part goes toward the loan principal. With mortgage amortization, the amount going toward principal starts out small, and it gradually grows larger month by month. Meanwhile, the amount going toward interest declines month by month for fixed-rate loans.

Your amortization schedule shows how much money you pay in interest and principal over time. Use this calculator to see how those payments break down over your loan term.

What is an amortization schedule?

An amortization schedule is a table that lists each regular payment on a mortgage over time. A portion of each payment is applied toward the principal balance and interest, and the amortization schedule details how much will go toward each component of your mortgage payment.

Initially, most of your payment goes toward the interest rather than the principal. The schedule will show as the term of your loan progresses, a larger share of your payment goes toward paying down the principal until the loan is paid in full at the end of your term.

More Mortgage  Calculators

These calculators will open in a new window and allow you to calculate different scenarios. 

If you are in credit card debt, you might be interested in setting a goal to have that card paid off by a certain time. In order to reach that goal, however, you need to know how much money you have to send each month in order to have the card paid off by that date.

When applying for a mortgage loan for your home, you can choose between a standard loan and an interest only loan. With an interest only loan, you will pay only on the interest when you make your monthly payments and you will eventually be called upon to pay the principal. It is a wise financial decision to compare the two types of loans before deciding which one is best for you.

When applying for a mortgage, you will most likely be presented with the option to pay points to lower your interest rate. In order to determine if this investment is worthwhile for you, you will need to know the amount of your loan, the interest rate before the purchase of points, and the interest rate after the purchase of points. You will also need to know the length of the loan and your savings rate.

Did you know that the advertised APR and the APR you really pay on a loan isn't necessarily the same? It's true! By the time you include other factors such as closing costs, your APR will not be exactly what you thought it was.

When it comes to a home mortgage loan, you can actually pay off the loan much more quickly and save a great deal of money by simply paying a little extra each month.

How long will it take to break even on a mortgage refinance? Use the mortgage refinance calculator to sort through a multitude of factors including your current interest rate, the new potential rate, closing costs and how long you plan to stay in your home. The mortgage refinance calculator helps sort through the confusion and determine if refinancing your mortgage is a sound financial decision.

How much interest can you save if you refinance your mortgage? The Should I Refinance Calculator helps you find out. Enter the specifics about your current mortgage, along with your current appraised value, new loan term, rate and closing costs. The calculator will determine how much interest refinancing can save you and if you should refinance your mortgage. In addition, it will calculate the number of months to break even on closing costs with your reduced monthly payment.

This calculator shows you possible savings by using an accelerated biweekly mortgage payment. Biweekly payments accelerate your mortgage payoff by paying 1/2 of your normal monthly payment every two weeks. By the end of each year, you will have paid the equivalent of 13 monthly payments instead of 12. This simple technique can shave years off your mortgage and save you thousands of dollars in interest.

Use this calculator to help estimate the total closing cost to purchase a home. This is an estimate of how much you will need on the day your home purchase is made. Please remember that this is an estimate, the actual fees and expenses may change depending on a variety of factors including the actual closing date. Below is a summary of the inputs and calculations used to create this estimate.

Use the reverse mortgage calculator to help determine the balance of a reverse mortgage. This calculator is specifically designed to show you how the outstanding balance of a reverse mortgage can rapidly grow over a period of time.

Is it financially better to buy a home or to rent? The answer to this question depends upon how much the home costs, how much you are paying for rent, and how much you will have to pay each year in order to maintain your home.

If you have finally found your dream home and you haven pre-qualified for a loan yet in order to see how much you can afford when it comes to buying your home, you can work backwards instead. By plugging in certain information, such as the cost of the home, how much the interest rate on the loan is likely to be, and how much you will pay as a down payment, you can determine how much your income will need to be to qualify for the mortgage loan on the home you love.

Adjustable rate mortgages can provide attractive interest rates, but your payment is not fixed. This calculator helps you to determine what your adjustable mortgage payments may be

A fixed rate mortgage has the same payment for the entire term of the loan. An adjustable rate mortgage (ARM) has a rate that can change, causing your monthly payment to increase or decrease. Use this calculator to compare a fixed rate mortgage to a Fully Amortizing ARM.

Determining which mortgage term is right for you can be a challenge. With a shorter 15-year mortgage, you will pay significantly less interest than a 30-year mortgage - but only if you can afford the higher monthly payment. Use this calculator for a comparison of a 15- vs. 30-year mortgage.

What is your maximum mortgage? That largely depends on your income and current monthly debt payments. This calculator collects these important variables and determines your maximum monthly housing payment and the resulting mortgage amount.

When determining your tax benefits, you need to gather together quite a bit of information. Among the pieces of information you will need are:

  • The current value of your home

  • The number of years before you plan to sell the home

  • The amount of your loan

  • The interest rate on your loan

  • The length of your loan

  • The number of points applied to your loan

  • The closing costs when you purchased the home

  • The annual taxes for the property

  • The annual insurance for the property

  • The PMI rate

  • The Federal tax rate

  • The State tax rate

  • The amount of your deductions

 

After plugging in all of this information, you can determine the tax benefit of your home, which will help you determine the amount you are really paying for your mortgage each month.

What income is required to qualify for a mortgage? That largely depends on your monthly debt payments and the current interest rate. This calculator collects these important variables and determines your required income to qualify for your desired mortgage amount.

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 cannot 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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