Mortgage Payment Tables

Mortgage payment tables are also sometimes referred to as amortization tables. These tables show you exactly how much you will pay over the life of your loan, and sometimes how the payments will be applied toward your mortgage interest and principal balance.

Online mortgage calculators will often give you the option of printing up a mortgage payment table after inputting various information such as:

• Amount of mortgage loan
• Interest rate
• Terms of the mortgage loan in months or years

The information you input into the mortgage calculator will largely depend on what information you are trying to find out. Mortgage calculators can create tables which will allow you to compare payments with one interest rate to another, and you can also create mortgage tables from calculators which will show you interest payments for different amortizations.

For example, if you want to know exactly how much money you will save in interest with a fifteen year mortgage loan as opposed to a thirty year mortgage term, a mortgage table created by an online calculator will detail monthly or yearly savings in interest with the lower amortization.

Payment tables for mortgages are available online for sample purposes. You can look up various payment tables which will demonstrate the effect that extra payments will have on a mortgage loan, and although the information may not be specific to your mortgage loan amount it can still serve as a powerful reminder that even the smallest additional payments can have a huge impact on your loan.

You can use payment tables to try out different mortgage loan scenarios. If you are thinking about applying for an interest only mortgage with a balloon payment you can use a payment table to scrutinize the eventual outcome with this type of loan. You might also use a payment table for mortgages to review different scenarios with an adjustable rate mortgage (ARM). For example, you can compare what your monthly mortgage payments will be at the lowest rate available through your loan to the highest cap of your interest rate. This may help you decide whether the risk of an adjustable rate is actually worth it or not.

Payment tables are available for second mortgage loans, including equity loans and equity lines of credit. These tables will reveal data similarly to tables for first mortgages:

• Payment information month to month
• Interest rate comparisons
• Effect of extra payments on overall loan

You can use a payment table to help you decide whether to choose a fixed rate equity loan or an equity line of credit with a variable interest rate. You might also use the information you discover from a payment table to figure out how many extra payments you need to make in order to pay off the loan as early as you would like.

Payment tables for mortgages are abundantly available online. If you already know which lender you plan on using then you may want to utilize payment tables available through that lender. If you have no lender preference, take a look at any of the other options on the Internet. Here is a brief listing of websites offering payment tables for mortgages at no cost:

• BankSite.com
• BankRate.com
• QuickenLoans.com

Mortgage lenders usually offer payment tables online. Check with your preferred lender to see if their website has the resources you need.

Mortgage payment tables are a great way to examine several different mortgage payment scenarios. It’s easier to make an informed decision regarding amortization, interest rates, terms, and other factors when you are presented with hard data in an easy to read format. Consult a payment table before choosing a particular mortgage loan product or when trying to decide how much of an extra payment to make each month.

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