Mike Fox, Mortgage Agent, Level 2 at BRX Mortgage.
Starting figures are examples, marked Example beside each field. Replace them with your own for a result about you.
Current Situation
We project your balance to maturity from the payment you actually make, how often you make it, and the date of the balance. If your payment does not match the balance, rate and remaining amortization, we say so.
$
$
%
Assumed: interest compounds twice a year, the usual for a fixed rate. Your lender's terms decide, so change it if they say otherwise.
From your statement. Used to check your payment, never to replace it.
Payments until maturity
15 monthly
Amortization left at maturity
23 Years 9 Months
Balance at Maturity
$483,949.10
Your payment matches this balance, rate and remaining amortization.
$
$
Mortgage Amount$483,949.10
%
Assumed: interest compounds twice a year, the usual for a fixed rate. Your lender's terms decide, so change it if they say otherwise.
Mortgage Payment$2,700.18
Change from your payment, monthly+$203.83
Pre-Payments
$
$
$
%
%
No prepayment entered.
$
$
Mortgage Amount$483,949.10
%
Assumed: interest compounds twice a year, the usual for a fixed rate. Your lender's terms decide, so change it if they say otherwise.
Mortgage Payment$2,700.18
Change from your payment, monthly+$203.83
Pre-Payments
$
$
$
%
%
No prepayment entered.
$
$
Mortgage Amount$483,949.10
%
Assumed: interest compounds twice a year, the usual for a fixed rate. Your lender's terms decide, so change it if they say otherwise.
Mortgage Payment$2,700.18
Change from your payment, monthly+$203.83
Pre-Payments
$
$
$
%
%
No prepayment entered.
Compared over 5 years
Every option over the same period, so the figures line up. Net cost is the costs at the start, every payment and prepayment, and the balance still owed at the end, less the balance at maturity and any equity taken out.
★Option 1
Interest
$96,265.77
baseline
Principal paid
$65,745.08
baseline
Total payments
$162,010.85
baseline
Balance at the end
$418,204.02
baseline
Effective Amortization
23 Years 9 Months
baseline
Costs at the start
$0.00
baseline
Net cost over the period
$96,265.77
baseline
☆Option 2
Interest
$96,265.77
same as baseline
Principal paid
$65,745.08
same as baseline
Total payments
$162,010.85
same as baseline
Balance at the end
$418,204.02
same as baseline
Effective Amortization
23 Years 9 Months
same as baseline
Costs at the start
$0.00
baseline
Net cost over the period
$96,265.77
same as baseline
The payment is the same.
Over the horizon to December 14, 2032 this option costs the same as Option 1.
☆Option 3
Interest
$96,265.77
same as baseline
Principal paid
$65,745.08
same as baseline
Total payments
$162,010.85
same as baseline
Balance at the end
$418,204.02
same as baseline
Effective Amortization
23 Years 9 Months
same as baseline
Costs at the start
$0.00
baseline
Net cost over the period
$96,265.77
same as baseline
The payment is the same.
Over the horizon to December 14, 2032 this option costs the same as Option 1.
Interest over 5 years
Disclaimer: This calculator is for illustrative purposes only and should not be relied upon for financial planning. Rates and renewal terms change. Confirm your renewal options with your lender before you sign.