Mortgage Amortization Calculator

This calculator will help you to determine your savings if you make larger monthly payments.

Loan Information

Amount
$
Interest Rate
%
Length
years

Considered Monthly Payment

Monthly Payment
$

Original Payment $1,342.05
New Payment $1,304.12
New Length of Loan 32 Years 2 Months

If you start to pay more or less toward your mortgage each month than the original payment amount, you can save or add a number of years to the length of your mortgage. Even the difference of just $40 can save you a couple of years or add a couple years to the length of your payment.

If you took out a mortgage loan for $250,000.00 with a 5.000% interest rate, for example, you could expect to pay $1,342.05 per month. If you change your payment to $1,304.12, however, you will have to pay on your mortgage for 32 year(s) and 2 month(s) instead of 30 years.

Disclaimers: The information provided by these calculators is for illustrative purposes only. There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. The default figures shown are hypothetical and may not be applicable to your individual situation. The calculated results are also intended for illustrative purposes only and accuracy is not guaranteed. There is not tax or financial advice given. Default and calculated tax data are for illustrative purposes only. Be sure to consult a tax or financial professional regarding your specific situation and before relying on the results.

Any hypothetical monthly mortgage payments reflect hypothetical Principal & Interest amounts rounded to the nearest dollar amount and may not include insurance, taxes, or other possible fees. These figures and rates are for educational purposes only and do not reflect an official mortgage loan offer.

We have many other Mortgage Calculators for you to use.

Make sure you register to receive my Free Homebuying Guide and Insider Mortgage Reports, browse my Resources section, fill-out a FREE No-Obligation Secure Online Loan Application, or call me in my Lincoln University, Pennsylvania office at 610-345-9100. I am here to help you with all your mortgage needs.

We highly recommend The Ken Pitts Mortgage Team. Ken and his team were very helpful, honest, and highly dedicated on making sure the process went as smooth as possible. They were always available when we needed them for any questions or concerns regarding the mortgage application, paperwork, or forms that needed to be filled out. What a great team they are! We just can’t thank them enough for everything they did for us!

zuser20151124094228735 on 2019-12-01

Ken Pitts is the best mortgage broker around! He is sincere and loyal to his clients. Ken helped us buy our home in 2018 and then assisted us with a Refinancing Loan in 2019. We're blessed to know him, and would recommend him to family, friends, etc! Thanks for everything, Ken! :-) ~The Hiester Family

zuser20170929065550214 on 2019-10-01

Ken (along with his team) has been my go-to lender since I bought my first home in 2015. I just sold and purchased my second home last week and through the entire process Ken was super helpful. He answered every question I had with a very quick response time. He crunched my numbers every single time something came up within minutes of me reaching out to him. He was so insightful to learning how much was affordable and what numbers we had to hit or couldn't go below. Ken keeps you informed the entire time on the mortgage approval process and guided me through every step. I would highly recommend Ken and his team. I can't say enough or put into words how much Ken helped make buying a home less stressful and seamless. If you are looking for a smart, detail-oriented, informative, insightful, helpful, knowledgeable lender, Ken is your guy.

user1199645 on 2019-12-02

Ken and his team were organized, responsive, and always available. He made our financing process smooth from pre-approval to closing. He was able to prepare both a construction/rehab pre-approval and also conventional financing for our home purchase.

user535898301 on 2019-03-01

We were first time home buyers and it was very scary territory! The second I walked into Ken office Kim made me feel so comfortable! Ken was so great at explaining everything to use and him and Jackie were so thorough and professional! The whole team is so great I would recommend them to anyone!

dowdy kasey on 2018-05-01

Ken and his team we awesome to work with. You all made this process so easy. Thank you for all you did to make our dreams come true. I will recommend them to everyone I know.

dtpaint018 on 2018-02-01

Ken and his colleagues were very easy to work with to finance the purchase of our new house. Everyone was friendly and efficient and Ken was a great resource for questions about the process. He was able to get our pre-qualification letter out the same day we needed it. Once we were under contract, at his recommendation, we locked in our rate at a great time and there was no drama in the closing process. We were able to do all the paperwork online--no messing with fax machines or dropping physical papers off anywhere. We would definitely work with Ken again.

jessifails on 2018-02-01

Ken and his team are a pleasure to work with! He was always happy to help and answer any questions we had and keeping in contact every step of the way.

MMM1117 on 2017-05-01

We only had just over a month for have our loan ready. Ken assured us it would be ready. From start of the process to the closing, the process was seamless. Ken's team was efficient, knowledgable and helpful the enter time. They assisted us with everything that was needed and kept us informed the entire time. I would recommend Ken and his team to anyone needing a mortgage.

LynneFlatleyOliver on 2017-05-01

Ken and his team have been great throughout my house purchase. They are always available and help you understand every step of the process. I would highly recommend!

steviep232005 on 2017-05-01

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