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Additional Principal Prepayments (Optional)

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Mortgage Amortization Calculator For Your Home Loan

This mortgage calculator will show how much your monthly mortgage payment would be, including your amortization schedule. See how much you could save by prepaying some of the principal. Find out your home loan breakdown now by using this simple and free mortgage calculator.

Mortgage Calculator Input Definitions

Principal Loan Balance

This is the dollar amount of the mortgage you are borrowing.

Interest Rate

The loan’s interest rate. Along with the term, this is the key factor used by the mortgage payment calculator to determine what your monthly payment will be. To see where rates are right now, click on the “See today’s average rates” link to the right of the field, where you can also find offers from our advertising partners.

Loan Term (dropdown)

Mortgage loans come in a range of terms. Fixed rate mortgages are most often found in 30, 20, 15 and 10-year terms; Adjustable Rate Mortgages usually have total terms of 30 years, but the fixed interest rate period is much shorter than that, lasting from 1 to 10 years. Longer term loans usually have lower monthly payments than do shorter ones.

Starting Month, Starting Year

To get the most accurate calculations, use the month and year in which your very first mortgage payment was due (or will be due). If you don’t yet have a mortgage, the current month and year will work just fine.

Show Full Table

If you choose the default of “No”, we’ll calculate your information and present you with your monthly home monthly payment (including both principal and interest), the total interest paid over the term you selected, the total amount the loan will cost you including principal, and the day of your last required payment, based upon the Starting Month and Year you provided.

Once the results are calculated, you can see year-by-year breakouts of these costs below the table of lenders. Click the green “See Details Year By Year” button to the right to jump to the results. If you wish, you can even see these on a month-by-month basis — just click the [+] next to the year to reveal he most precise results possible. You can even print the entire amortization schedule, too — just click the green “Print Results” button.

Show Optional information (do not use commas):

Paying off your loan more quickly can save you money. In this optional section, you can add in a regular monthly prepayment amount, re-set the calculator to show bi-weekly payments and savings, or even do a lump-sum prepayment to see how it affects the cost of your home loan.

Mortgage Calculator: A Complete Guide to Your Payment Schedule

A mortgage amortization calculator shows how much of your monthly mortgage payment will go toward principal and interest over the life of your loan. The loan calculator also lets you see how much you can save by prepaying some of the principal.

Loan Amortization Calculator Usage

With HSH ‘s home loan calculator, you enter the features of your mortgage: amount of the principal loan balance, the interest rate, the home loan term, and the month and year the loan begins. (If you have a more complex mortgage structure that doesn’t fit the standard amortization calculator fields, HSH’s other mortgage calculators may better suit your needs.)

You can choose whether to see an amortization table showing the principal/interest breakdown of every monthly payment over the life of the mortgage loan, or an abbreviated table showing monthly payments for the first year and annual totals for the remaining years of the mortgage.

Calculate Your Mortgage Loan Payment Schedule

Click “calculate” to get your monthly payment amount and an amortization schedule. You’ll see that most of your mortgage loan payment will go toward interest in the early years of the loan, with a growing amount going toward the loan principal as the years go by – until finally almost all of your payment goes toward principal at the end. For instance, in the first year of a 30-year, $250,000 mortgage with a fixed 5% interest rate, $12,416.24 of your payments goes toward interest, and only $3,688.41 goes towards your principal.

Interest Savings: The Effect of Prepayments

Now use the mortgage loan calculator to see how prepaying some of the principal saves money over time. Enter a monthly, annual, or one-time amount for additional principal prepayment. Let’s say, for example, you want to pay an extra $50 a month on a mortgage like the one above ($250,000 mortgage, 30-year fixed at 5%).

See the Savings from the Mortgage Calculator

Enter the loan terms in the mortgage calculator and 50 in the monthly additional principal prepayment, then click “calculate.” Scroll through the amortization schedule to the final summary. By paying $50 extra a month, you knock more than two years off the mortgage and save $21,299 in interest.

You may also target a certain loan term or monthly payment by using our mortgage prepayment calculator.

Of course you’ll want to consult with your financial advisor about whether it’s best to prepay your mortgage or put that money toward something else, such as retirement.

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