This calculator will provide good results but you may want to also talk to your loan provider to get a calculation from them. (payment = principal + interest) Monthly Extra the extra amount you plan to add to your monthly payments on this mortgage. This value is not always easy to find but usually you can look at your last statement to find the amounts applied to principal and interest and add these 2 numbers together. DO NOT include insurance or taxes or escrow payments these are not applied to your loan. Current Monthly Mortgage Payment the amount currently to be paid on this mortgage on a monthly basis toward principal and interest only. For example, if you make an additional 50 payment per month on that 200,000 interest-only loan with a 4.5 percent interest rate, you will reduce the amount of interest you pay by 12,116.25 over the life of the loan, and you will gain 18,000 in equity. Note that this is the interest rate you are being charged which is different and normally lower than the Annual Percentage Rate (APR). Even small amounts can make a big difference. Blake had taken a home loan of amount 250,000 on Jan 10, 2018.He has already made 5 payments. To also run scenarios for new payments by changing the loan term tryĬurrent Mortgage Balance the outstanding principal when calculating a current mortgage or the original amount on a new loan Interest Rate the annual nominal interest rate or stated rate on the loan. Example 1: Use of Monthly Extra Payment Frequency. (negative extra payments to pay less) Create an amortization schedule. Use this calculator to calculate repayment of your mortgage and add extra payments to find how much it reduces the length of your loan term and the amount of interest you can save over the life of the mortgage.
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