


You have finally closed on your new home and with great rates and a beautiful home you can now relax all the hard work is over right? Not exactly. So get settled in and get use to a mortgage payment then, after a few months take a look on how you can get that mortgage down a bit faster.
Either right away, or in the future, there is a better way to pay that 30 year mortgage down quicker and build your equity faster. Here is a current payment schedule based on a approximate 4 1/8% rate. As you can see the first few years you are paying an astronomic amount in interest. Just think of what just one extra payment a year could do for you.
Here is a link to a great site I give to my buyers and sellers. While I am not a mortgage broker (I work with some great ones) I do believe all of us Realtors should provide better tools to our clients and be informed. After all, a home buyer, or seller, who understands the process is more comfortable with their home and their purchase.
Not only does this site have mortgage calculators. Check it out there is every kind of financial calculator you can think of. It actually is a bit addicting so have fun with it!
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$300,000.00 |
| 1 |
$17,395.20 |
$5,192.05 |
$12,203.15 |
$294,807.95 |
| 2 |
$17,395.20 |
$5,408.99 |
$11,986.21 |
$289,398.96 |
| 3 |
$17,395.20 |
$5,634.96 |
$11,760.24 |
$283,764.00 |
| 4 |
$17,395.20 |
$5,870.37 |
$11,524.83 |
$277,893.63 |
| 5 |
$17,395.20 |
$6,115.61 |
$11,279.59 |
$271,778.02 |
| 6 |
$17,395.20 |
$6,371.14 |
$11,024.06 |
$265,406.88 |
| 7 |
$17,395.20 |
$6,637.34 |
$10,757.86 |
$258,769.54 |
| 8 |
$17,395.20 |
$6,914.62 |
$10,480.58 |
$251,854.92 |
| 9 |
$17,395.20 |
$7,203.53 |
$10,191.67 |
$244,651.39 |
| 10 |
$17,395.20 |
$7,504.47 |
$9,890.73 |
$237,146.92 |
| 11 |
$17,395.20 |
$7,818.00 |
$9,577.20 |
$229,328.92 |
| 12 |
$17,395.20 |
$8,144.63 |
$9,250.57 |
$221,184.29 |
| 13 |
$17,395.20 |
$8,484.91 |
$8,910.29 |
$212,699.38 |
| 14 |
$17,395.20 |
$8,839.40 |
$8,555.80 |
$203,859.98 |
| 15 |
$17,395.20 |
$9,208.70 |
$8,186.50 |
$194,651.28 |
| 16 |
$17,395.20 |
$9,593.44 |
$7,801.76 |
$185,057.84 |
| 17 |
$17,395.20 |
$9,994.27 |
$7,400.93 |
$175,063.57 |
| 18 |
$17,395.20 |
$10,411.80 |
$6,983.40 |
$164,651.77 |
| 19 |
$17,395.20 |
$10,846.79 |
$6,548.41 |
$153,804.98 |
| 20 |
$17,395.20 |
$11,299.97 |
$6,095.23 |
$142,505.01 |
| 21 |
$17,395.20 |
$11,772.08 |
$5,623.12 |
$130,732.93 |
| 22 |
$17,395.20 |
$12,263.90 |
$5,131.30 |
$118,469.03 |
| 23 |
$17,395.20 |
$12,776.27 |
$4,618.93 |
$105,692.76 |
| 24 |
$17,395.20 |
$13,310.07 |
$4,085.13 |
$92,382.69 |
| 25 |
$17,395.20 |
$13,866.14 |
$3,529.06 |
$78,516.55 |
| 26 |
$17,395.20 |
$14,445.46 |
$2,949.74 |
$64,071.09 |
| 27 |
$17,395.20 |
$15,049.00 |
$2,346.20 |
$49,022.09 |
| 28 |
$17,395.20 |
$15,677.73 |
$1,717.47 |
$33,344.36 |
| 29 |
$17,395.20 |
$16,332.74 |
$1,062.46 |
$17,011.62 |
| 30 |
$17,391.71 |
$17,011.62 |
$380.09 |
$0.00
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Mortgage amountOriginal or expected balance for your mortgage.
Term in yearsThe number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.
Interest rateAnnual fixed interest rate for this mortgage.
Monthly paymentMonthly principal and interest payment (PI).
Total paymentsTotal of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.
Total interestTotal of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.
Prepayment typeThe frequency of prepayment. The options are none, monthly, yearly and one-time payment.
Prepayment amountAmount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.
Start with paymentThis 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.
SavingsTotal amount of interest you will save by prepaying your mortgage.
Report amortizationChoose 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.
#snohomishcountyrealestate #mortgagecalculators
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.