Mortgage Balance Calculator

This mortgage balance calculator will figure the remaining balance of your loan based on either the number of payments you've already made, or the number of payments remaining.

To use this calculator just enter the original mortgage principal, annual interest rate, term years, and the monthly payment. Then choose one of the three options for calculating the number of mortgage payments made (leave two of the options blank) to determine the remaining balance.

Note: this mortgage balance calculator is only for fixed rate mortgages where the terms are constant. Don't use for any mortgage where the terms will vary over time (adjustables, etc.).

Original mortgage amount:
Annual interest rate:
Original term (# of years):
Monthly payment amount (principal and interest portion only):
Option #1 - Select month and enter the 4-digit year of first payment:
Option #2 - Number of payments made:
Option #3 - Number of payments remaining:
Number of mortgage payments made:
Estimated remaining mortgage balance:

What Is Your Remaining Mortgage Balance?

You’ve paid into your mortgage for a few years.

But do you know your remaining mortgage balance?

Our mortgage balance calculator reveals your remaining mortgage balance with ease.

Simply enter your original mortgage amount, annual interest rate, original term, monthly payment amount, and one of three other known variables. Instantly, you’ll have your estimated mortgage balance!

It is important to note, however, that this calculator only works with fixed-rate mortgages.

Here’s what you need to know about mortgage balances . . .

What Is A Mortgage Balance?

A mortgage balance is the amount owed at a particular moment in time during the mortgage loan term.

Here’s an example:

Mrs. Davis finances a home by taking out a fixed-rate $150,000.00 mortgage at 4% interest with a 30-year term. She has agreed to make payments of $900 per month. At this point in time, the mortgage balance is $150,000.00.

Mrs. Davis pays her mortgage for 10 years, and checks her mortgage balance using the Mortgage Balance Calculator. 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. She finds her mortgage balance at this point in time to be $91,100.05.

While Mrs. Davis was able to use the Mortgage Balance Calculator in our example, there are some things to keep in mind . . .

Important Notes Regarding The Mortgage Balance Calculator

There is a difference between your mortgage balance and your mortgage payoff amount. If you are looking to pay off your mortgage, your mortgage balance may not provide you with the relevant information needed. The payoff amount will be higher than your mortgage balance. This is because of additional fees required by the lender to close out the mortgage.

Also remember this mortgage balance calculator only works with fixed-rate mortgages. Fixed-rate mortgages have fixed interest rates – meaning the interest rate stays the same over the course of the loan term. Adjustable-rate mortgages, on the other hand, have interest rates that are periodically adjusted.

There are, however, additional ways to find your mortgage balance. The Mortgage Balance Calculator isn’t the only way. Try one of these methods too . . .

Additional Ways To Find Your Mortgage Balance

Mortgage companies will send out a mortgage statement – electronically or by mail – on an annual basis. These statements reveal the mortgage balance, number of payments that were made, and interest charged.

But what if you want to proactively find your exact mortgage balance – as stated by your mortgage company? Two popular options include:

  • Call – Your mortgage company can give you your mortgage balance over the phone. Simply call and ask.
  • Go online – Your mortgage company website will probably show your mortgage balance. You’ll have to create an online account – with a login and password – that will enable you to view your mortgage balance anytime you wish.

Mortgage Balances Over Time

Mortgage balances accelerate toward zero over time. The root word is “mort”, or “to the death”, meaning until the loan dies.

The rate at which your mortgage balance falls will not remain constant. In the early years your payments will primarily be interest and in the later years the payments will be mostly principal creating a natural acceleration over the course of your loan term toward payoff.

Don’t be surprised if you check your mortgage balance early in your loan term and find it hasn’t dropped much. That is natural. This shifts midway through your loan term, with the principal taking the majority of the mortgage payments later in the term.

Remember: The longer you pay your mortgage, the faster your mortgage balance will fall.

Final Thoughts

Finding your mortgage balance doesn’t have to be complicated.

The Mortgage Balance Calculator will show your estimated remaining mortgage balance, including the number of payments made.

Armed with this information, you can make better financial decisions regarding your mortgage and housing situation.

Take a few minutes to find your mortgage balance today!

Mortgage Balance Calculator Terms & Definitions:

  • Mortgage Loan – A debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments.
  • Mortgage Balance – The full amount owed at any period of time during the duration of the mortgage.
  • Principal – Denoting an original sum of money lent.
  • Annual Interest Rate – Money paid regularly at a particular rate for the use of money lent – in this case, it’s a percentage.
  • Monthly Payment – The action or process of paying someone or something on a monthly basis – in this case, a mortgage.
  • Loan Term – The length time it takes to pay off a loan – in this case, a mortgage.

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