Help Finding a Mortgage Schedule

[Garet Jax]

Hello all,

I am looking for a Mortgage Schedule that can help me determine how much equity I am building over the life of the loan each year. Does anyone know where I can find this? Thanks.

[EDIT]
I guess I didn't explain very well. It is not the calculator I am looking for, but it is the mortgage schedule. For example, on a $200,000 home the mortgage payment over 30 years with 6% interest will be $X. The schedule would be:

After Year 1: Payments: $X * 12 Equity in house: $500 Principle Left in Mortgage: $199,500
After Year 2: Payments: $X * 12 Equity in house: $1200 Principle Left in Mortgage: $198,800
After Year 3: Payments: $X * 12 Equity in house: $2000 Principle Left in Mortgage: $198,000
.
.
.
After Year 30: Payments: $X * 12 Equity in house: $200,000 Principle Left in Mortgage: $0

I am looking for a schedule that will help me understand the equity I will build after each year of the mortgage.
[/EDIT]

 

[jaeger66]

Originally posted by: Garet Jax
Hello all,

I am looking for a Mortgage Schedule that can help me determine how much equity I am building over the life of the loan each year. Does anyone know where I can find this? Thanks.

Go to Yahoo and type in mortgage calculators. You'll find plenty.

 

[Garet Jax]

Originally posted by: jaeger66

Originally posted by: Garet Jax
Hello all,

I am looking for a Mortgage Schedule that can help me determine how much equity I am building over the life of the loan each year. Does anyone know where I can find this? Thanks.

Go to Yahoo and type in mortgage calculators. You'll find plenty.

Thanks for the response. I guess I didn't explain very well. It is not the calculator I am looking for, but it is the mortgage schedule. For example, on a $200,000 home the mortgage payment over 30 years with 6% interest will be $X. The schedule would be:

After Year 1: Payments: $X * 12 Equity in house: $500 Principle Left in Mortgage: $199,500
After Year 2: Payments: $X * 12 Equity in house: $1200 Principle Left in Mortgage: $198,800
After Year 3: Payments: $X * 12 Equity in house: $2000 Principle Left in Mortgage: $198,000
.
.
.
After Year 30: Payments: $X * 12 Equity in house: $200,000 Principle Left in Mortgage: $0

I am looking for a schedule that will help me understand the equity I will build after each year of the mortgage.

 

[kranky]

They are all over the net. You want what is called an "amortization schedule".

 

[Garet Jax]

Originally posted by: kranky
They are all over the net. You want what is called an "amortization schedule".

Thanks that was the trick.

 

[jaeger66]

Originally posted by: Garet Jax


I am looking for a schedule that will help me understand the equity I will build after each year of the mortgage.

I see. Are you depressed yet? I almost fainted when I saw how little equity I'd have after 10 years on a 30 year mortgage.

 

[Garet Jax]

Originally posted by: jaeger66

Originally posted by: Garet Jax


I am looking for a schedule that will help me understand the equity I will build after each year of the mortgage.

I see. Are you depressed yet? I almost fainted when I saw how little equity I'd have after 10 years on a 30 year mortgage.

Yeah. It really is hard to believe.

For those interested, here is the link I found: link in question.

 

[kranky]

Here's how you make a huge dent in your mortgage. This is easy to understand if you have an amortization schedule to refer to.

Look at the amount of principal that would be part of the next mortgage payment. Add that amount to your normal payment. At the beginning of your mortgage it will be a pretty small amount, so it shouldn't be too painful. You have just eliminated one month from the end of your mortgage! If you prepay the next two months' worth of principal, you will have erased two months from the end of your mortgage. Now look at what might happen if you can add an extra $200 - you might be skipping ahead quite a few payments. If you do that in the early stages of your mortgage you can cut years off.

We worked hard to do that, and our house will be paid off after owning it for 19 years.

 

[RossMAN]

Here are two of my FAVORITE financial calculator websites and both offer quite an assortment of calculators:

• Hugh Chou's financial calculators
• BankRate.com
  You have to check this calculator out, not only does it offer an ammortization schedule it also has WHAT IF scenario's built in.
  WHAT IF I paid an extra $100 per month how much interest and time would I save on my mortgage?

 

[Garet Jax]

Kranky,

I agree. I have been told to try and make one extra payment a year. The easiest way to do this is to take your monthly payment divide by 12 and pay this amount extra every month. By doing this, you will save tens of thousands in interest and will cut the length of your mortgage by over 5 years.

 

[RossMAN]

Originally posted by: Garet Jax
Kranky,

I agree. I have been told to try and make one extra payment a year. The easiest way to do this is to take your monthly payment divide by 12 and pay this amount extra every month. By doing this, you will save tens of thousands in interest and will cut the length of your mortgage by over 5 years.

Yep and I believe this calculator also allows you to do "WHAT IF I made a one time payment every year" scenario.

 

[jaeger66]

Originally posted by: RossMAN
Here are two of my FAVORITE financial calculator websites and both offer quite an assortment of calculators:

• Hugh Chou's financial calculators
• BankRate.com
  You have to check this calculator out, not only does it offer an ammortization schedule it also has WHAT IF scenario's built in.
  WHAT IF I paid an extra $100 per month how much interest and time would I save on my mortgage?

Holy crap, an extra $98 a month knocks 9 years off my mortgage!:Q

 

[RossMAN]

Originally posted by: jaeger66

Originally posted by: RossMAN
Here are two of my FAVORITE financial calculator websites and both offer quite an assortment of calculators:

• Hugh Chou's financial calculators
• BankRate.com
  You have to check this calculator out, not only does it offer an ammortization schedule it also has WHAT IF scenario's built in.
  WHAT IF I paid an extra $100 per month how much interest and time would I save on my mortgage?

Holy crap, an extra $98 a month knocks 9 years off my mortgage!:Q

Damn I didn't realize an extra $98 would shave 9 YEARS OFF a mortgage.

Mind if I ask your current mortgage balance?

 

[jaeger66]

Originally posted by: RossMAN


Mind if I ask your current mortgage balance?

It's fairly small since I put down a huge down payment-99,500@6%.

 

[RossMAN]

Originally posted by: jaeger66

Originally posted by: RossMAN


Mind if I ask your current mortgage balance?

It's fairly small since I put down a huge down payment-99,500@6%.

Thanks.

Our first mortgage will probably be around $120k-$160k I'm hoping around $140k including some upgrades.

 

[jaeger66]

Originally posted by: RossMAN


Our first mortgage will probably be around $120k-$160k I'm hoping around $140k including some upgrades.

That's about what our (first)house is worth, $144,000. That goes a long way in Phoenix. With some ridiculously generous relatives and our savings we were able to put down the 20% necessay to avoid having the bank screw us with mortgage insurance.

 

[NogginBoink]

Originally posted by: jaeger66

Originally posted by: Garet Jax


I am looking for a schedule that will help me understand the equity I will build after each year of the mortgage.

I see. Are you depressed yet? I almost fainted when I saw how little equity I'd have after 10 years on a 30 year mortgage.

That's why I just refinanced a 30 year note to a 15 year note. I'm paying an extra $100 a month, but I'll own the place FOURTEEN YEARS sooner.

Hell yeah!