About a Mortgage Table and How it Works!
A Mortgage Table will show you what your Interest Payment
will be. It's the simplest way of seeing your total payment, which
is both principle and interest.
The input for most mortgage payment table
calculators is really simple and little information is required.
You will be asked to put in a:
- Loan amount
- Term (how many years to pay your mortgage off)
- Interest rate.
There is two separate types of mortgage
amortization table calculators and each can tell you something
different, such as:
- Some mortgage rate table calculators will allow you to put in a
minimum and maximum principle value and interest rate. This type of
mortgage table calculator will give you an example of your monthly
payment for each principle amount in increments of $10,000 in
between your minimum and maximum settings. As an example, if you
input $300,000 as a minimum and $350,000 as a maximum, I will get
results for $300,000; $310,000; $320,000; $330,000; $340,000; and
- The same mortgage calculation table calculator will also give
you an example of your payment with each principle amount and each
interest amount in increments of 0.125% in between your minimum and
maximum. If I put in the $300,000 and $350,000 mentioned above plus
7% for my interest minimum and 8% for my interest maximum, I would
get a table with 54 monthly payment examples.
Each would let me know what my monthly payment
would look like with each principle and interest amount.
This type of table calculator would be most ideal for those who
wanted a mortgage but whose mortgage amount depended on what kind
of monthly payment they could make or those who would like to see
their monthly mortgage rate with a variety of interest amounts.
The second type of table calculator is a
little more simple.
This one is ideal for those who know what interest
rate and mortgage amount they would like but would like to see
their monthly payment amounts over a certain number of years.
This type of table calculator has you input the
amount you would like to borrow, what interest rate you expect to
have, and how many years you would like to have to pay off your
This mortgage table
calculator will then produce an amortization table for each year
with how much interest and principle you will pay that month along
with your remaining balance. At the end it will also give you a
grand total of the interest amount you will pay.