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Home Mortgage Preparation :: Mortgage Payment Chart
Mortgage Payment Chart: How a Payment Chart Can Help You Understand Your Mortgage
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A mortgage payment chart is also what's known as an amortization schedule.
Amortization is, by definition, the process of gradually decreasing a debt by making payments towards the principal and interest over a period of time. For more information on how a mortgage payment or amortization schedule works, keep reading.
What is an amortization schedule?
An amortization schedule is a table that outlines every payment on a periodic or termed loan. Typically, with a standard mortgage, a piece of every payment will go towards both the principal of the loan and the interest, while the amount of principal being paid with each payment will vary.
What an amortization schedule does is show you exactly how much of each payment is going towards interest and exactly how much is being put toward the principal.
On top of showing you how each payment is broken down, a mortgage payment chart will also show you your interest paid-to-date and principal paid-to-date for every payment.
How does it calculate my mortgage payment chart?
Based on your principal, that's the original amount of the loan, annual interest rate given to you by the bank, number of payments or length of term, fixed monthly payment and any prepayments, the amortization calculator is able to calculate your amortization schedule.
Why do I want to calculate an amortization schedule?
Understanding how much interest is paid and how much it costs to increase the amortization period of your mortgage from 25 years to 30 years could quickly make you realize how much money that five years can save you.
You can also see the real impact of prepayments along with a slightly larger down payment. By seeing those benefits and being able to calculate the actual numbers, you'll be a more informed mortgage purchaser.
Where can I get an amortization schedule?
A simple amortization calculator can easily generate one for you.
Most mortgage services firms and banks even offer free mortgage payment chart calculators for free on their website. Here's one from Yahoo Real Estate – http://realestate.yahoo.com/calculators/amortization.html.
See also:
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Home-Mortgage-Preparation.com :: Mortgage Payment Chart