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Mortgage Loan Calculator



    Calculator
Glossary
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 prepayments! Press "Calculate" for a full yearly or monthly amortization schedule.

Enter Mortgage Information
Mortgage amount
Term in years:
Interest rate
Prepayments
Type
Amount
Start with payment

Show amortization schedule by

 Year Month

Reset Calculate


        Mortgage amount
        Term in years
        Interest rate
        Monthly payment
        Total payments
        Total interest
        Prepayment type
        Prepayment amount
        Start with payment
        Savings
Mortgage amount

Original or expected balance for your mortgage.

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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.

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Interest rate

Annual interest rate for this mortgage.

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Monthly payment

Monthly principal and interest payment (PI).

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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.

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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.

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Prepayment type

The frequency of prepayment. The options are: none, monthly, yearly, and one-time payment.

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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.

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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 assume to happen before the first payment of the loan.

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Savings

Total amount of interest you will save by prepaying your mortgage.

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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 can not 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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  © 2009 GMAC Mortgage, LLC (f/k/a GMAC Mortgage Corporation). All rights reserved.
GMAC is a registered service mark.

© 2009 GMAC Mortgage, LLC (f/k/a GMAC Mortgage Corporation). All rights reserved. GMAC is a registered service mark.