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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 overpayments! Press the report button for a full amortization schedule, either by year or by month.
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Definitions
- Mortgage amount
- Original or expected balance for your mortgage.
- Loan term
- The number of years over which you will repay this loan.
- Interest rate
- Annual interest rate for this mortgage.
- Mortgage payment
- Your principal and interest payment (PI) per period.
- Total payments
- Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no overpayments 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 overpayments of principal.
- Overpayment type
- The frequency of overpayments. The options are none, monthly, yearly and a one time payment.
- Overpayment amount
- Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the overpayment type.
- Start with payment
- This is the payment number that your overpayments will begin with. For a one time payment, this is the payment number that the single overpayment will be included in. All overpayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation.
- Savings
- Total amount of interest you will save by prepaying your mortgage.
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