Amortization Calculator

There are 4 elements that make up a mortgage payment: Principal, Interest, Taxes, Insurance (PITI).
This only calculates Principal and Interest.
With an amoritized loan you can pay ahead (denpending on the lender) on the principal which will save you on intereset.
As you will see by calculating different loan amounts the early part of the loan will always have the highest interest of the loan.
This is becuase the interest part of the payment is calculated based on the outstanding loan balance * annual interest rate / 12
Then the if you take the monthly payment amount and subtract the interest amount you will get the principal amount for that payment.
Sometimes you will hear about sliding down the amoritization schedule.
This is the spreadsheet that is created here.
When you pay ahead you can slide down to where the new balance is.
This will not change your payment amount, it will just get the loan paid off sooner.
Do not take this result as your official payment.
Please contact lending providers to get your specific results.