Mortgage Balance Calculator

This calculator will help you to determine the current balance of your mortgage based on the number of mortgage payments you have made.

Enter the mortgage principal, annual interest rate, term years, and the monthly payment. Then choose one of the three options for entering/calculating the number of mortgage payments made (leave two of the options blank) and click the "Calculate Mortgage Balance" button.

Original mortgage amount:
Annual interest rate:
Original repayment term (# of years):
Original monthly payment amount (principal and interest portion only):
Option #1 - Select month and enter the 4-digit year of first payment:
Option #2 - Number of payments made:
Option #3 - Number of payments remaining:
Number of mortgage payments made:
Estimated mortgage balance:

Balancing Your Mortgage Payments

If you've ever been one to get hopelessly lost in the muddy waters of the middle ground of your mortgage, you are not alone. A third of the way or even most of the way through making monthly payments on a 10, 20, or even 30 year mortgage, even the most diligent of homeowners can get muddled by the figures of the old amortization schedule. This is the calculator for you. Based on the number of mortgage payments you have successfully made, the beginning principal of the loan, the annual interest rate (APR), life time of the loan (in years), and the standard monthly payment, the calculator will ascertain just how many mortgage payments you have already made, how many you have left to make, and your total remaining balance to pay off over that time. Users may choose to enter the month and year of their first mortgage bill, the number of payments completed, or the number of payments remaining, to give the calculator ample information regarding the loan.

Planning with the Mortgage Balance Calculator

Whether you are in the first few years of wading through your monthly mortgage or are getting towards the very end of your term time, the mortgage balance is a critical figure to have in your head as well as on the books. Being aware of your balance owed and the time that remains to pay it is critical to your financial health, your budgeting strategies, and your future plans when it comes to money. Knowing that you have a certain pool of money set aside to devote to the mortgage each month helps you to plan for special events or big purchases, make strategic decisions on investment or withdrawing lines of credit, and most importantly anticipate the period when the mortgage is fully amortized and paid off in total.

Stable vs. Fluctuating Monthly Payments

Depending on whether you have a fixed rate mortgage or an adjusted rate mortgage, your monthly bill may be one that fluctuates quite a bit over the years. Many adjustable rate mortgages (ARMs) are structured so that they rise or fall by a certain fixed percentage every one or two years in accordance with the market. If you have a fixed rate mortgage, you will have an extremely reliable monthly payment which does not change but keeps the same APR, though its ratio of principal to interest may oscillate according to how far you are into paying off your principal.

If you have a changing interest rate attached to your mortgage, it will be slightly more challenging to calculate an exact remaining balance on your mortgage, unless it is only the principal that must still be paid off. This is because it is nearly impossible to take into account the future ups and downs of the market and how they will affect your interest rate and therefore your total amount owed to the lender. However, those who have the stable interest rate of a fixed (not floating) mortgage will be able to calculate their remaining figure to a tee, as the APR is constant and therefore so is the sum owed to complete the loan contract.