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Use this amortization calculator to estimate the principal and interest payments over the life of your mortgage. You can view a schedule of yearly or monthly payments and see how much of your payments go toward the principal and interest.
Original loan amount
Start of Original Loan
Additional principal payment
Your amortization summary.
Total Interest Paid
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years you will spend
in interest with an estimated payoff date of
Original Loan Amount
The original amount borrowed from a lender to obtain a mortgage loan. This represents the total mortgage amount including fees, points, etc… as stated on the closing disclosure.
The amount of time (usually expressed in years) in which a borrower is required to make monthly payments toward a home loan.
Additional Principal Payment
Extra payments applied to the mortgage above the monthly requirement. These payments are typically used to settle existing late charges or fees before being applied to the principal.
The annual cost to borrow money from a lender based on a percentage of the loan amount. Interest rates exclude mortgage "points" and fees charged to get the loan.
The amount of time saved on the current loan schedule by making additional payments toward the principal mortgage balance.
The combined total amount saved on interest and principal over the life of the loan. This amount excludes additional savings on fees or property tax as a result of a shorter payoff date.
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