Mortgage Amortization Calculator
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Mortgage Amortization Calculators Aren't as Scary as They Sound!
Mortgage amortization calculators aren't as scary as they sound! In fact, they can be useful tools in determining how much you are paying towards the principle or interest on your mortgage loan. It basically breaks your mortgage down and shows you where your money is going. You might be surprised to see that much of the principle on your mortgage is paid at the back end with very little being paid up front.
Another great tool an amortization calculator provides is a prepayment feature. You can plug in the numbers and determine how much less time you would pay on your mortgage if you pre-paid a small amount every month. For example, if you pre-paid just $25 extra a month on a typical 30 year fixed rate, $100,000 mortgage at 6%, you would have the loan paid off 3 years earlier than scheduled. You would save a whopping $13939.66 in interest payments.Will a mortgage amortization calculator tell me what my new mortgage payment will be?
Yes and no. Yes, a mortgage amortization calculator will tell you what your payment will be as long as all of the numbers plugged into it are correct. The answer is also no because when most people think of their mortgage payment, they think of it in terms of a culmination of their mortgage, property taxes and insurance. Don't forget to add those things in when planning for a new mortgage.That seems like a lot of interest!
Those scary amortization calculators do give you some heart wrenching data to ponder over. Looking at the total number is enough to give anyone a heart attack. Just keep in mind that you are being lent a lot of money for a long period of time and be thankful that interest rates are as low as they are now.