The Mortgage Balance Calculator isn't the only way. There are, however, additional ways to find your mortgage balance. Adjustable-rate mortgages, on the other hand, have interest rates that are periodically adjusted. Fixed-rate mortgages have fixed interest rates – meaning the interest rate stays the same over the course of the loan term.
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This is because of additional fees required by the lender to close out the mortgage.ĥ Financial Planning Mistakes That Cost You Big-Time (and what to do instead!) Explained in 5 Free Video LessonsĪlso remember this mortgage balance calculator only works with fixed-rate mortgages. The payoff amount will be higher than your mortgage balance. If you are looking to pay off your mortgage, your mortgage balance may not provide you with the relevant information needed. There is a difference between your mortgage balance and your mortgage payoff amount. Important Notes Regarding The Mortgage Balance Calculator Davis was able to use the Mortgage Balance Calculator in our example, there are some things to keep in mind.
She finds her mortgage balance at this point in time to be $91,100.05. She knows that she has been paying every month for 10 years, so she enters 120 (10 years times 12 payments per year = 120) as the number of payments into the calculator, along with the rest of the required variables. Davis pays her mortgage for 10 years, and checks her mortgage balance using the Mortgage Balance Calculator. At this point in time, the mortgage balance is $150,000.00. She has agreed to make payments of $900 per month. Davis finances a home by taking out a fixed-rate $150,000.00 mortgage at 4% interest with a 30-year term. Ī mortgage balance is the amount owed at a particular moment in time during the mortgage loan term. Here's what you need to know about mortgage balances. It is important to note, however, that this calculator only works with fixed-rate mortgages. Instantly, you'll have your estimated mortgage balance! Simply enter your original mortgage amount, annual interest rate, original term, monthly payment amount, and one of three other known variables. This mortgage balance calculator makes the process of figuring your remaining mortgage balance easy.
You've paid into your mortgage for a few years.īut do you know your remaining mortgage balance?
Check today's best available mortage rates and see which lenders are taking new applications: See Today's Best Available Rates → What Is Your Remaining Mortgage Balance? Next Steps Mortgage rates can't get much lower! It's the perfect time to apply whether you hope to buy or refinance.
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