#EASY CALCULATION MORTGAGE AMORTIZATION PLUS#

I tried a variety of things to get 17 years and 39 weeks down to the bank's 17 years and 24 weeks but couldn't- I have no idea how they came to that figure either. As far as I can tell, my weekly payments weren't set up properly and are somewhat higher than they should have been. I called and asked my bank about this last week, and they couldn't figure it out they told me they'd call me back. Either way, it's several years short of the target (I should have roughly 21 and a half years remaining). I calculated it myself using the current (fixed) interest rate and came to 17 years and 39 weeks, somewhat more than the bank's figure. I never paid attention before, but last year's statement for the same date showed 18 years and 24 weeks as well. I have a 25 year fixed-rate mortgage as well, it's been 3 1/2 years now, and my last statement showed remaining amortization of 17 years and 24 weeks. $1,647.46 (breaking rule 3) though I did find one that for some reasonīreakes rule 4 instead by changing the total payment amount for the Principal and $917.30 is interest, though most of them claim each They all seems to agree that $730.17 of the seventh payment is Interest paid to date of $5,574.77 (breaking rule 2).

That $920.70 of the sixth payment goes to interest giving a total The fifth payment the total interest paid is $4,654.06, but they all say Third payment goes to principal leaving a principal balance of Principal balance is $198,576.75, but they all say that $716.63 of the They all seem to agree that after the 2nd payment the Have tried breaks rules 1 and 2 and either 3 or 4, and always in the The total payment amount never changes.įour rules seem pretty basic and you'd think any amortizationĬalculator would be able to follow them, but for some reason every one I

#EASY CALCULATION MORTGAGE AMORTIZATION PLUS#

The amount of the current payment applied to interest plus theĪmount of the current payment applied to principal always equals theĤ.

Paid to date from the previous payment plus the amount of the currentģ. The total interest paid to date is equal to the total interest

CitiMortgage and Microsoft Money both consistently followĮqual to the previous principal balance minus the amount of the currentĢ. Several, but for some reason all of them are obviously wrong in the same I thought I'd see who was right byįinding a mortgage amortization calculator on the Internet. For some reason every other month or so CitiMortgage Money it automatically calculates how much goes to principal and how When my mortgage payments get recorded in Principal balance CitiMortgage says I still owe is higher than theĪmount Microsoft Money says. I have a 15 year mortgage through CitiMortgage at 5.625% interest

Easy calculation mortgage amortization