How to Get an Amortization for a Mortgage Payoff
Mortgage amortization is the rate a mortgage is paid off with each monthly payment. In the early years of a mortgage, the payment is mostly interest, with a small amount being credited to reduce the mortgage balance. The amount of balance paid down, or amortization, increases with each monthly payment. To get the current mortgage balance or amortization level, you need the original mortgage principal amount, the interest rate and the mortgage start date.
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Instructions
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Find an online mortgage calculator that includes an amortization function. The calculator from the Bankrate website is linked in the Resource section.
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Enter your mortgage data into the calculator. You need the original mortgage amount, the mortgage term--usually 30 years--the interest rate and the mortgage start date. Click on the "calculate" button.
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Click or select the "show amortization schedule" button. The amortization schedule will show the allocation of each payment to principal and interest for the life of the mortgage.
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Scroll down the amortization schedule for your loan until the month of your last mortgage payment. The current loan amortization balance will be in column labeled "Balance."
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Tips & Warnings
Your original loan paperwork will also have an amortization schedule with the listing of principal, interest and balances.
If you made any additional payments to your principal amount, it will lower your balance and speed up the amortization schedule.
If you have an adjustable rate loan, the amortization payoff cannot be calculated with an online calculator. Call your mortgage servicing company to obtain the balance.
References
Resources
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