Mortgage Loan Calculator
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 "View Report" button for a full yearly or monthly amortization
schedule.
Information and interactive calculators
are made available to you as self-help tools for your personal
use and are not intended to provide investment advice. Independent
Bank of Texas
can not and does not guarantee their applicability or accuracy
in regards to your individual circumstances. All examples are
hypothetical and are for illustrative purposes. We encourage you
to seek advice from qualified professionals regarding all finance
issues.
Definitions
Mortgage amount:
Original or expected balance for your mortgage.
Interest rate:
Annual interest rate for this mortgage.
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).
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 one-time payment.
Prepayment amount:
Amount that will be prepaid on your mortgage. This amount will
be applied to the mortgage 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. If you choose to prepay with a one-time payment for payment
number ZERO, the prepayment is assumed to happen before the first payment
of the loan.
Savings:
Total amount of interest you will save by prepaying your mortgage.
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