Did you know that mortgage payments stay the same each month for the life of the loan? Use this calculator to create a “payment schedule” or a list of all your payments and how each payment changes the balance.
After every mortgage payment, the portion going towards the principal (or the balance on the home) increases, while the portion going towards interest decreases. These increases and decreases are also shown here in the payment schedule for each month you pay.
$
5%
1%
5%
$
$
$1421
Monthly Payment
Principal & Interest $1421
Monthly Taxes $1421
Monthly HOA $1421
Monthly Insurance $1421
