*Based upon a 10% yield on investing money saved over the life of the loan, which is similar to the rate of return on the S&P 500 in recent decades. Total monthly payment (including tax & insurance):Īmount you could comfortably add to the payment each month:Ĭurrent approximate balance of your mortgage: After calculating these payments, you can then create printable amortization schedules for each loan type.īiweekly Mortgage Calculator With Extra Payments InputĬurrent mortgage's beginning loan amount: This calculator also allows you to generate amortization schedules for the original loan, a loan with extra monthly payments, a loan with biweekly payments, and a loan with biweekly payments combined with extra payments.

Advanced - for owners who switch in the middle of the loan term AND want to compliment their biweekly payments with other extra payments.

Basic - for owners who switch to biweekly payments somewhere in the middle of their loan term, but do not plan to add any other additional payments.

The first is a basic one with biweekly payments while the second one allows additional extra payments to be added to the biweekly payments. If you intend to start biweekly payments from the beginning of the loan & do not plan to incorporate any other extra payments, please click here to use the related calculator. You will spend $8,098.68 on principal $1,081.20 on interest.Our site offers 3 different calculators for people considering switching to biweekly loan payments. Mortgage amortization schedule for year 13 (2035): You will spend $7,742.99 on principal $1,436.89 on interest. Mortgage amortization schedule for year 12 (2034): You will spend $7,402.89 on principal $1,776.99 on interest. Mortgage amortization schedule for year 11 (2033):

You will spend $7,077.75 on principal $2,102.13 on interest. Mortgage amortization schedule for year 10 (2032): You will spend $6,766.89 on principal $2,412.99 on interest. Mortgage amortization schedule for year 9 (2031): You will spend $6,469.67 on principal $2,710.21 on interest. Mortgage amortization schedule for year 8 (2030):

You will spend $6,185.51 on principal $2,994.37 on interest. Mortgage amortization schedule for year 7 (2029): You will spend $5,913.84 on principal $3,266.04 on interest. Mortgage amortization schedule for year 6 (2028): You will spend $5,654.08 on principal $3,525.80 on interest. Mortgage amortization schedule for year 5 (2027): You will spend $5,405.75 on principal $3,774.13 on interest. Mortgage amortization schedule for year 4 (2026): You will spend $5,168.30 on principal $4,011.58 on interest. Mortgage amortization schedule for year 3 (2025): You will spend $4,941.29 on principal $4,238.59 on interest. Mortgage amortization schedule for year 2 (2024): You will spend $3,563.01 on principal $3,321.90 on interest.

Mortgage amortization schedule for year 1 (2023): Note that these amounts are not included in your monthly payment. This adds $116.67 to your monthly payments.

Average property tax in the United States is 1.38% of the assessed home value. Property tax rate (also known as millage tax) varies from state to state. This adds $55.00 to your monthly payments. Private Mortgage Insurance (also known as Lenders Mortgage Insurance) tends to be around $55 per month per $100.000,00 financed. You can check the current mortgage rates here. Interest rate is the annual interest rate of your mortgage loan given in percentage. If you fill out the home value and down payment (in percentage) field, the form will automatically populate the mortgage amount field. How do we calculate mortgage amortization:įirst of all, we need to know the mortgage amount, the annual interest rate, the loan length and the pay periodicity of your mortgage.

Mortgage calculator with extra payments