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What does my amortization schedule look like?
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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 your 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 assumed to happen before
the first payment of the loan.
- Savings
- Total amount of interest you will save by prepaying your mortgage.
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