Arvha

Mortgage Monthly Payments

This amortization calculator calculates monthly payments of mortgage (or other loans). Please note that due to round-off errors or different methods used, the calculation will not necessarily be exactly the same as you get from your bank (but should not differ more than a couple of units totally). Also be aware that the monthly payment calculated is just the amount needed to pay off the mortgage in certain number of years/months.. Your actual regular monthly payment will almost certainly be higher because of escrow payment for other costs such as property tax, insurance, etc.

Example output:

Mortgage: $150000.00
Annual rate: 4.500%
Mortgage term: 30 years
Regular monthly payment: $760.03

Year  1  Total pay  Interests  Principal   Mortgage   Mon. Ins.  Extra  Yr. Ins.
09/2014:    760.03     562.50     197.53  149802.47     562.50
10/2014:   1520.06    1124.27     395.80  149604.20     561.76
11/2014:   2480.09    1685.28     794.81  149205.19     561.02    200
12/2014:   3340.12    2244.80    1095.33  148904.67     559.52    100   2244.80

Year  2  Total pay  Interests  Principal   Mortgage   Mon. Ins.  Extra  Yr. Ins.
01/2015:   4100.16    2803.19    1296.97  148703.03     558.39
02/2015:   4960.19    3360.83    1599.36  148400.64     557.64    100
03/2015:   5720.22    3917.33    1802.89  148197.11     556.50
04/2015:   6630.25    4473.06    2157.19  147842.81     555.74    150
05/2015:   7540.28    5027.47    2512.81  147487.19     554.41    150
06/2015:   8450.31    5580.55    2869.77  147130.23     553.08    150
07/2015:   9360.34    6132.28    3228.06  146771.94     551.74    150
08/2015:  10270.37    6682.67    3587.70  146412.30     550.39    150
09/2015:  11180.41    7231.72    3948.69  146051.31     549.05    150
10/2015:  12090.44    7779.41    4311.03  145688.97     547.69    150
11/2015:  13000.47    8325.73    4674.73  145325.27     546.33    150
12/2015:  13910.50    8870.70    5039.80  144960.20     544.97    150   6625.91

...

The second column (Total pay) is the total payment, so far, which includes the interests (the third column) and the principal (the fourth column). The fifth column (Mortgage) is the remaining mortgage/loan. The sixth column (Mon. Ins.) is the amount of the interests part in the current monthly payment. The seventh column (Extra) is extra amount of pricinpal you may include in your monthly payments. The last column (Yr. Ins.) is the total amount of the interests paid for the current year. Note that the year is defined as the calendar year, so the first year is not full if the month of the first payment is not January.