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.
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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.
If you start to pay more or less toward your mortgage each month than the original payment amount, you can save or add a number of years to the length of your mortgage. Even the difference of just $40 can save you a couple of years or add a couple years to the length of your payment.
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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.