This will calculate the BANKERS SECRET!
It breaks your monthly mortgage payments into separate principal & interest
amounts. With this knowledge you can then pre-pay the next month's principal only
& not have to pay the interest for that month. This works best at the beginning
of a new loan when principal payments are low & interest payments are high.
Needless to say, it can save you hundreds of thousands of dollars
over the life of a loan!

 

Mortgage Payment Calculator
Mortgage Amount 
Interest Rate (%) 
Amortization Length 
Starting: Month-Year 
Prepayment method 
Prepayment Amount 
Prepayment after month 
Full amortization table? 
Display Using 

Instructions
    To use this calculator change the above fields as desired:
  • Mortgage Amount: Enter your mortgage amountthis is the Principal Loan Balance
  • Interest Rate (%): Enter the annual interest rate

    • CANADIANS:Add a C (e.g. 7.75C) to use a conversion factor to convert Canadian rates to a US equivalent to use in the calculations.
  • Amortization Length: Years, typically 30 or 15 in US, 25 in Canada 
  • Starting Month Year: Select the starting month and enter the year 
  • Show full amortization table? No or Yes (This is a long table)
  • Pre-payment method options:

    • None : No Prepayments
    Monthly : Pre-pay a set amount each month
    Annually : Pre-pay a set amount once each year
    Bi-weekly A: 26 half paymts/yr - 2 half pre-paymts each 6 months
    Bi-weekly B: 26 half paymts/yr - 1 full pre-paymt each 12 months
    One Time : Pre-pay one set amount after a given # of months
  • Prepayment Amount: Monthly/Annually/One-Time Principal Prepayment Amount
  • Prepayment after month: One-Time Prepayment to be paid after payment number of months
  • Display Using: HTML 3.0 Tables or Plain Text

 
Written by Hugh Chu Revised by Nicholas Alston
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