Dragonreef Mortgage Amortization Calculator
by Alan L. Wendt, PhD
This calculator can print out mortgage loan amortizations. It uses four numbers:
the amount borrowed, interest rate, monthly payment, and the number of months it will
take to pay off the loan. If
you enter any three of the four numbers, the calculator will figure out the fourth one.
For example, if someone's quoted you a loan for 100,000 with 360 monthly payments
of 750, this calculator will figure out the effective interest rate of 8.231978%.
If you are considering refinancing, here's a thought.
There's no point in reducing your payment, if it will reset your term to 30 years.
And every refinance costs money, usually at least $2000, and more if you "buy points".
You want to get this paid off eventually. To do an apples-to-apples (isofrutopic)
comparison, you need to find out what the payments would be on the new loan if
it had the same term as the remaining term of your current loan. To do that,
enter the new interest rate, the new principal amount (your current amount plus
refinance charges), and the number of months remaining on
your current mortgage. The calculator will tell you how much you'll have to
be paying to get paid off in the same term as your current mortgage.
You'll also want to run amortizations for both your current loan and the proposed
new loan, to see how long it's going to be before the refinance charges are recouped.
If you sell the house before then, you'll lose money.
Amortization Source Code