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Fixed-Rate Mortgage Calculator

Discover how changing the different variables on a fixed-rate mortgage can affect your monthly payment and schedule, and see what impact making 'prepayments' has on your outstanding balance (a prepayment is an additional amount paid toward the principal balance of your mortgage before it's officially due). Click the “View Report” button for your results.
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.



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Fixed-Rate Mortgage Calculator
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Monthly payment:
Report amortization:
Report amortization
**FIG_GRAPHTITLE** Stacked Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.
**FIG_GRAPHTITLE** Column Graph: Please use the calculator's 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. Common fixed-rate mortgage terms are 15, 20 and 30 years.

Interest rate

Annual fixed interest rate for this mortgage. Please note that the interest rate is different from the Annual Percentage Rate (APR), which includes other expenses such as mortgage insurance, and the origination fee and or point(s), which were paid when the mortgage was first originated. The APR is normally higher than the simple interest rate.

Monthly payment

Monthly principal and interest payment (PI).

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.


Moog Employees Federal Credit Union
7181 Seneca Street
East Aurora, NY 14052

Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax 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.