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Calculate the prepayment of a mortgage

Animated calculatorUse this mortgage amortization calculator to estimate the prepayment of a mortgage. The amortization calculator will display the monthly principal & interest payment, and total interest paid over the life of the loan. You can add extra payments to the calculation to reduce the total interest and term of the mortgage. Its surprising how a few extra dollars each month can reduce the total interest amount and the reduction of the loan term.

The loan-amortization schedule will demonstrate the loan payoff progression. A greater percentage of your monthly payment goes toward paying down the principal until the loan is fully paid off.

Tick the "X" in the upper right corner of the amortization schedule to take you back to the input screen.

How do you explain an amortization schedule?

A mortgage amortization schedule is a table that lists each regular payment on a mortgage over the term of the mortgage. A percentage of each monthly payment is applied toward the principal balance and interest. The mortgage loan amortization schedule illustrates the amount of the payment that will go toward principal and interest.

Is it better to pay extra on principal monthly or yearly?

I have run different scenarios with this question and I have found that it is better to make an extra payment monthly instead of large payment yearly. But if you do choose to make one large payment, make the payment at the beginning of the year.