Fixed rate fully amortizing loans have two distinct features. First the interest rate remains fixed for the life of the loan. Secondly the payments remain level for the life of the loan and are structured to repay the loan at the end of the loan term. The most common fixed rate loans are 15 year and 30 year mortgages.
During the early amortization period a large percentage of the monthly payment is used for paying the interest. As the loan is paid down more of the monthly payment is applied to principal. A typical 30 year fixed rate mortgage takes 22.5 years of level payments to pay half of the original loan amount.
Calculate Fixed Rate Mortgage Payments
Mortgage Loan Calculator
Use this calculator to generate an amortization schedule for your current mortgage. Quickly see how much interest you will pay and your principal balances. You can even determine the impact of any principal prepayments!
Fixed Rate Mortgage vs. Interest Only Mortgage
A fixed rate mortgage has the same payment for the entire term of the loan. Use this calculator to compare a fixed rate mortgage to Interest Only Mortgage.