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Home Property Tips :: Mortgage Payment Tables
Mortgage Payment Tables: How Tables for Calculating Your Mortgage Payment Schedule Work
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Mortgage payment tables let you see a month-to-month breakdown of each mortgage payment over the entirety of your mortgage, whether it's 15 years or 40 years. Each payment will be divided into interest and principal, allowing you to see how your payment is split each month and where the money goes. To learn more about amortization tables and answers to your questions, keep reading.
Can I see a mortgage payment table for any mortgage?
Typically, a mortgage amortization table will only work for a fixed-rate mortgage, as the calculator needs a steady interest to calculate the compounded interest.
What if I make an extra payment on the principal?
A good mortgage calculator will allow you to see your mortgage amortization table and input additional principal payments, whether they're one-off payments, additional monthly payments or annual anniversary payments. It will also show you exactly how those extra payments will affect your total interest each month and over the course of your mortgage.
Where can I find a calculator for mortgage payment tables?
There are hundreds, if not thousands, of websites that offer free mortgage payment tables, as long as you have the total amount of your loan, start date, interest rate and length of the mortgage ready to input. Keep reading for a list of suggested sites:
Mortgage-X (http://mortgage-x.com/calculators/amortization.htm)
This site lets you view your full amortization table as an annual table, showing the interest and principal paid over the course of each year, a complete table, showing each month individually, and as an overall picture, showing a general overview of the full mortgage.
Mortgage Calc (http://www.mortgage-calc.com)
This website offers a lot more than a basic payment schedule calculator. Prospective home buyers and mortgage holders can access debt ratio calculators, mortgage refinancing calculators, consolidation calculators, and even rate comparisons for their specific geographical location.
Bankrate.Com (http://www.bankrate.com/brm/mortgage-calculator.asp)
Though this site is devoted to comparing various bank rates across the country, they also offer a comprehensive mortgage payment tables calculator. It's also simple to add additional payments, whether monthly, annually or as one-off payments.
See also:
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HomePropertyTips.com :: Mortgage Payment Tables