Mortgage Loan Calculator

Use this calculator to generate an estimated amortization schedule for your current mortgage. Quickly see how much interest you could pay and your estimated principal balances. You can even determine the impact of any principal prepayments! Press the "View Report" button for a full yearly or monthly amortization schedule.

This Financial Calculator requires SUN's Java Plug-in. If you see this message you will need to download SUN's Java Plug-in. This can be done automatically by clicking the yellow bar at the top of your browser and choosing Install ActiveX Control.

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For more information about this Plug-in please visit: SUN's Java Plug-in
For more information these financial calculators please visit: Financial Calculators from KJE Computer Solutions, LLC

Definitions

Mortgage amount: Original or expected balance for your 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.
Interest rate: Annual fixed interest rate for this mortgage.
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.

MICHAEL SORENSEN - REMAX CITY REALTORS - Chicago Short Sale Specialist, CDPE - Certified Distressed Property Expert, Short Selling Homes in Chicago & Suburban Chicago Illinois Short Sales. Looking to Short Sell your Chicago or Northern Illinois Property? Call me at 773-987-8224 Chicago Real Estate Listings, Chicago ShortSale Homes For Sale, Chicago Pre Foreclosure Houses, Chicago Condos, Townhouses, Investment Properties, Luxury Homes, Bank Owned Foreclosed Proeprties, Chicago Foreclosure MLS Listings, New Construction, Waterfront Properties, Horse/ Equestrian/ Equine Properties, Golf Course Properties in Chicago and Suburbs of Chicago and Northern Illinois.

*Information and links contained on this site are provided for informational purposes only and should not be treated as legal advice. Promotional offers advertised here (if any) are good for services through MICHAEL SORENSEN ONLY and not valid through any other RE/MAX Agent or Broker. Each RE/MAX office is independently owned and operated.