Calculate the prepayment of a mortgage

Written by Anytime EstimateOctober 21st, 20211 minute read

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. It is surprising how a few extra dollars each month can reduce the total interest amount and the length of the loan term.

The loan-amortization schedule will show how the debt will be paid off over time.

Until the loan is completely paid off, a higher proportion of your monthly payment goes toward paying down the principle.

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?

An amortization schedule lists each regular payment on a mortgage over its term.

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.