Questions? Call us at (800) 736-8485
Questions? Call us at (800) 736-8485
Estimate your monthly mortgage payment and follow the balance over time. An amortization schedule shows how each payment is divided between principal and interest.
Principal is the part of a payment that reduces your loan balance. Interest is the cost of borrowing. A schedule brings those amounts together with the payment number and remaining balance so you can follow the loan's progress.
Early payments generally include more interest because the outstanding balance is larger. As principal is repaid, the interest share decreases and more of the payment goes toward the balance.
Our guide uses a $200,000 mortgage over 30 years at an illustrative 5% interest rate, with approximately $1,074 in monthly principal and interest. The share going toward principal increases as the loan progresses.
Include property taxes, homeowners insurance, mortgage insurance when applicable and HOA dues alongside principal and interest.
Read more about how an amortization schedule works, then explore conventional mortgage options for your purchase.
Use calculator results as a planning range, then compare them with a real loan review.
Western Ohio Mortgage Corporation, Company NMLS #9601. Talk with a loan officer about your estimate or call 800-736-8485.