Mortgage Amortization Calculator (Fixed Rate)
Obtaining a mortgage is not an easy task. Buying a real estate property is a significant investment for most people. Using our mortgage amortization calculator will help you understand your mortgage by showing you an estimation of your payments and much more. Our mortgage amortization calculator shows an estimation of your monthly mortgage payments with details on the amount you pay towards principal and interest.
Using the Mortgage Amortization Calculator (Fixed Rate)
There are several information we need from you in order for us to generate a mortgage amortization report.
- Home Value - The value of the real estate property you are planning to purchase.
- Loan Amount (Principal) - The amount you need to borrow from a financial institute. This is often referred to as the mortgage principal and is calculated by the difference of the home value minus your down payment.
- Interest Rate - The interest rate of the loan (mortgage) your financial institute is able to offer.
- Loan Term - The number of years it will take for you to pay off your mortgage loan.
- Start Date - The month and year of when you plan to start your mortgage payments.
- Property Tax - Estimation of the annual property tax on the real estate property you plan to purchase. This tax is location-dependent. For example, property tax will be more expensive in the city as compared to in small towns or farm land. Property tax is usually determined by a percentage of the overall value of the home.
- PMI - Stands for Private Mortgage Insurance. PMI is the extra insurance that the homebuyers are required to pay as long as the loan amount is more than 80% of the value of the home. Homebuyers with less than 20% in down payment will be required to pay PMI on a monthly basis. PMI is usually determined by a percentage of the value of the loan.
- Insurance - The amount you need to pay for property insurance (often referred to as home insurance or homeowners insurance) on a monthly basis.
Once when you have entered in the required information (estimations are fine), our system will generate a detailed mortgage amortization report in seconds. In the report, it will display a summary which includes the number of payments you need to pay, monthly payments (monthly or bi-weekly), pay off date, total interest paid, total PMI paid (if applicable), total tax paid, total insurance paid, and the total amount you need to pay by the pay off date, including all of the above.
Our system will also generate an interest and principal comparison chart for various loan terms so you can compare the difference in monthly payments and interest per different loan terms. Finally you will get a detailed amortization chart (often referred to as amortization schedule) showing you the details of each payment.
Please note that the mortgage amortization report is only meant to be used as a reference. The details of mortgage payments will be different per financial institute and local laws.