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Amortization is the process of spreading out a loan into a series of fixed payments over time. Each payment covers both the principal amount borrowed and the interest on the loan. In the early years of a mortgage, a larger portion of each payment goes toward interest, while later payments increasingly go toward the principal.
This calculator helps you visualize exactly how each payment is applied, allowing you to see the true cost of your mortgage over its entire term.
Mortgage interest is calculated based on the remaining principal balance. The formula used is:
Monthly Interest = Remaining Balance × (Annual Rate ÷ 12)
This means that as your principal decreases over time, so does the interest portion of each payment, allowing more of your payment to go toward building equity.
Making extra payments on your mortgage can significantly reduce the total interest paid and shorten your loan term. Even small additional amounts can make a big difference:
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home's purchase price. It protects the lender if you default on the loan.
PMI typically costs between 0.5% to 1% of the entire loan amount annually. Once you reach 20% equity in your home, you can request to have PMI removed, potentially saving hundreds of dollars each year.
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