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.).
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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:
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:
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.
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:
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