Use my interest only calculator to get an estimate of how much interest you will be paying on a mortgage.
How Much Interest Will You Pay?
Use my Mortgage Interest Only Calculator to quickly see how much interest will be paid on a specific mortgage amount over time. It is important that you understand how much interest you will pay over the life of your mortgage. With this information you can then use the calculator to determine your interest savings from making additional payments to reduce the mortgage principle.
While a portion of every payment is applied towards both the interest and the principal balance of the loan, the exact amount applied to principal each time varies (with the remainder going to interest). An amortization schedule shows the specific dollar amount put towards interest, as well as the specific amount put towards the principal balance, with each payment. Initially, a large portion of each payment is devoted to interest. As the loan matures, larger portions go towards paying down the principal.
Buying a home is a big financial decision and understanding your mortgage is key in the decisions you will make. I provide a more detailed report that will give you a picture of what your mortgage may look like over time. This includes a mortgage amortization schedule and the calculator is free to use.