Mortgage Amortization Formula?

Question

I have a 15 year mortgage and want to know how to determine a payoff schedule if I pay an additional $50/mo. toward the principal.

15 year; 5.625 fixed rate; 100K, paying $50 extra per month toward principal. Is there a formula I can use to determine the actual point of payoff?

Answer 1

You need to give more information! Is it fixed or adjustable and if adjustable to what index etc. Most lenders have a web sight with mortgage calculators in them. But if you re-post with all the information Loan balance, rate etc then I will give you the answer you are looking for
Loan Officer

Answer 2

I do not know the formula but I did the numbers on my financial calculator and based on a 100K loan amount fixed at 5.625% on 15yrs the normal payment would be 823.73 so if you add $50 and make the payment 873.73 it would payoff in 13.7yrs so about 163 months. Which in effect saves you about $5800.

Answer 3

P is the principal (the initial amount you borrow or deposit)

r is the annual rate of interest (percentage)

n is the number of years the amount is deposited or borrowed for.

A is the amount of money accumulated after n years, including interest.

When the interest is compounded once a year:

A = P(1 + r)n

However, if you borrow for 5 years the formula will look like:

A = P(1 + r)5

Answer 4

Your normal monthly payment on a $100000 loan
at 5.625 % for 15 years would be $823.74
To pay off the same loan in 12 years,
you would need to increase your monthly
payment by $132.82 to $956.56
Your total interest savings would be $10527.31


Your normal monthly payment on a $100000 loan
at 5.625 % for 15 years would be $823.74
To pay off the same loan in 14 years,
you would need to increase your monthly
payment by $37.65 to $861.39
Your total interest savings would be $3558.41

Your normal monthly payment on a $100000 loan
at 5.625 % for 15 years would be $823.74
To pay off the same loan in 13 years,
you would need to increase your monthly
payment by $81.41 to $905.15
Your total interest savings would be $7067.47


Your normal monthly payment on a $100000 loan
at 5.625 % for 15 years would be $823.74
To pay off the same loan in 11 years,
you would need to increase your monthly
payment by $193.95 to $1017.69
Your total interest savings would be $13936.40


Your normal monthly payment on a $100000 loan
at 5.625 % for 15 years would be $823.74
To pay off the same loan in 10 years,
you would need to increase your monthly
payment by $267.73 to $1091.47
Your total interest savings would be $17294.93

Answer 5

http://www.google.com/search?q=online+amortization&start=0&ie=utf-8&oe=utf-8&client=firefox-a&rls=org.mozilla:en-US:official