Mortgage Loan Calculator (PITI)

Use this calculator to generate an estimated amortization schedule for your current mortgage. Quickly see how much interest you could pay and your estimated principal balances. You can even determine the impact of any principal prepayments! Press the "Report" button for a full yearly or monthly amortization schedule.
By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.
Monthly payment is $1,529.99
Monthly payment (PI):
$1,529.99
Monthly payment (PITI):
$1,529.99
Report amortization:
Report amortization
Total Payments $275,397 Stacked Column Graph: Please view the report to see detailed calculation results in tabular form.
Mortgage Term 15 years Column Graph: Please view the report to see detailed calculation results in tabular form.

Definitions

Mortgage amount

Original or expected balance for your mortgage.

Term in years

The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.

Interest rate

Annual fixed interest rate for this mortgage.

Monthly payment (PI)

Monthly principal and interest payment (PI).

Monthly payment (PITI)

Monthly payment including principal, interest, homeowners insurance and property taxes.

Annual property taxes

The annual amount you expect to pay in property taxes. This amount is divided by 12 to determine the monthly property tax included in PITI.

Annual home insurance

The annual amount you expect to pay in homeowners insurance. This amount is divided by 12 to determine the monthly home owners insurance included in PITI.

Total payments

Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.

Total interest

Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.

Prepayment type

The frequency of prepayment. The options are none, monthly, yearly and one-time payment.

Prepayment amount

Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.

Start with payment

This is the payment number that your prepayments will begin with. For a one-time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation. If you choose to prepay with a one-time payment for payment number zero, the prepayment is assumed to happen before the first payment of the loan.

Savings

Total amount of interest you will save by prepaying your mortgage.

Report amortization

Choose how the report will display your payment schedule. Annually will summarize payments and balances by year. Monthly will show every payment for the entire term.



Sunmark Federal Credit Union
1187 Troy Schenectady Road
Latham, NY

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.