Financial Calculators

Mortgage Loan Calculator - Definitions

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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 the report button for a full amortization schedule, either by year or by month.

Term	Definition
Mortgage amount	Original or expected balance for this mortgage.
Interest rate	A periodic charge, expressed as a percentage, for the use of borrowed money. Interest rates are expressed in terms of annual rate. Please enter the annual interest rate that you currently pay on your mortgage.
APR	(Not requested for the purposes of this calculator). The APR (annual percentage rate) is the yearly rate of interest and other fees paid to acquire the loan. The APR calculation incorporates fees and interest into a single rate. Lenders are required by law to disclose the APR. This rate is used to compare various loans.
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.
Monthly payment	Monthly principal and interest payment (PI). This calculation does not include taxes or insurance. You may have monthly escrow payments for these expenses.
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 a one time payment.
Prepayment amount	Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage's 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.
Savings	Total "estimated" amount of interest that you save by prepaying this mortgage.

These calculators are made available to you as self-help tools for your independent use. We do not guarantee their accuracy or applicability to your circumstances. These tools are not intended to provide investment, legal, tax, or accounting advice. All examples are hypothetical and for illustrative purposes only. You may wish to consult your financial institution or financial advisor for additional information and advice. The calculations in this Report are based on typical conventional fixed rate financing for the term of the loan selected. Actual results may vary depending on the specific product type and availability of loan terms. Additional fees may apply. All loans would be subject to lender approval and credit terms may vary. All user input is private and secure. We do not collect any of the personal information that you provide, nor do we save any of the Reports. All calculations are made on your own computer.