Amortization Calculator

American National Bank

Price 88,000 Rate 5.50%
Down Pymt 8,800 Months 360
Loan Amount 79,200 Monthly Pymt $449.69
Beginning Ending Paid On Interest
Month Balance Balance Principal Paid
1 $79,200.00 $79,113.31 $86.69 $363.00 Key Assumptions
2 79,113.31 $79,026.22 87.09 362.60
3 79,026.22 $78,938.74 87.49 362.20 Price of Home
4 78,938.74 $78,850.85 87.89 361.80 Down Payment %
5 78,850.85 $78,762.56 88.29 361.40 Mortgage Rate
6 78,762.56 $78,673.87 88.69 361.00 Term of Mortgage (Years)
7 78,673.87 $78,584.77 89.10 360.59 Real Estate Taxes
8 78,584.77 $78,495.26 89.51 360.18 PMI Insurance
9 78,495.26 $78,405.34 89.92 359.77 Hazard Insurance
10 78,405.34 $78,315.01 90.33 359.36 Tax Bracket
11 78,315.01 $78,224.27 90.75 358.94 Apartment Rent
12 78,224.27 $78,133.11 91.16 358.53
13 78,133.11 $78,041.53 91.58 358.11
14 78,041.53 $77,949.53 92.00 357.69 Monthly Payment
15 77,949.53 $77,857.11 92.42 357.27
16 77,857.11 $77,764.26 92.84 356.85 PMI is not included if Dow
17 77,764.26 $77,670.99 93.27 356.42 is > 20%
18 77,670.99 $77,577.30 93.70 355.99
19 77,577.30 $77,483.17 94.13 355.56
20 77,483.17 $77,388.61 94.56 355.13
21 77,388.61 $77,293.62 94.99 354.70
22 77,293.62 $77,198.20 95.43 354.26
23 77,198.20 $77,102.33 95.86 353.83
24 77,102.33 $77,006.03 96.30 353.39
25 77,006.03 $76,909.28 96.74 352.94
26 76,909.28 $76,812.10 97.19 352.50
27 76,812.10 $76,714.46 97.63 352.06
28 76,714.46 $76,616.38 98.08 351.61
29 76,616.38 $76,517.85 98.53 351.16
30 76,517.85 $76,418.87 98.98 350.71
31 76,418.87 $76,319.43 99.44 350.25
32 76,319.43 $76,219.54 99.89 349.80
33 76,219.54 $76,119.19 100.35 349.34
34 76,119.19 $76,018.38 100.81 348.88
35 76,018.38 $75,917.11 101.27 348.42
36 75,917.11 $75,815.38 101.74 347.95
37 75,815.38 $75,713.18 102.20 347.49
38 75,713.18 $75,610.51 102.67 347.02
39 75,610.51 $75,507.36 103.14 346.55
40 75,507.36 $75,403.75 103.61 346.08
41 75,403.75 $75,299.66 104.09 345.60
42 75,299.66 $75,195.10 104.57 345.12
43 75,195.10 $75,090.05 105.04 344.64
44 75,090.05 $74,984.53 105.53 344.16
45 74,984.53 $74,878.52 106.01 343.68
46 74,878.52 $74,772.02 106.50 343.19
47 74,772.02 $74,665.04 106.98 342.71
48 74,665.04 $74,557.56 107.47 342.21
49 74,557.56 $74,449.60 107.97 341.72
50 74,449.60 $74,341.13 108.46 341.23
51 74,341.13 $74,232.18 108.96 340.73
52 74,232.18 $74,122.72 109.46 340.23
53 74,122.72 $74,012.76 109.96 339.73
54 74,012.76 $73,902.29 110.46 339.23
55 73,902.29 $73,791.32 110.97 338.72
56 73,791.32 $73,679.85 111.48 338.21
57 73,679.85 $73,567.86 111.99 337.70
58 73,567.86 $73,455.35 112.50 337.19
59 73,455.35 $73,342.33 113.02 336.67
60 73,342.33 $73,228.80 113.54 336.15
Subtotal 5,971.20 21,010
Down Pymt 8,800.00
Total Cost 35,781.33
 Year 1
Rent in an Apartment - Monthly 660
12
Rent in an Apartment - Annually 7,920

Mortgage Payment
Key Assumptions Principal & Interest 450
12
Price of Home 88000 5,400
Down Payment % 10%
Mortgage Rate 5.50% Real Estate Taxes 100
Term of Mortgage (Years) 30 12
Real Estate Taxes 100 1,200
PMI Insurance 70
Hazard Insurance 50 PMI Insurance 70
Tax Bracket 25% 12
Apartment Rent 660 840

Hazard Insurance 50
Monthly Payment 669.6889 12
600
PMI is not included if Down Payment
Total Annual Payment - Mortgage 8,040
Total Monthly Payment - Mortgage 670

Total Annual Mortgage Payment 8,040

Less Benefits:
Principal Paydown - Year 1 (1,067)
First Time Homebuyer Credit (8,000)
Tax Deductible:
Real Estate Taxes 1,200
Interest 4,329
PMI 840
25% Tax Bracket 6,369 (1,592)

Final Amount to Compare to Renting (2,619)

Year 1 Savings 10,539

 Year 2 Year 3
Rent in an Apartment - Monthly 660 Rent in an Apartment - Monthly
12
Rent in an Apartment - Annually 7,920 Rent in an Apartment - Annually

Mortgage Payment Mortgage Payment

Principal & Interest 450 Principal & Interest
12
5,400

Real Estate Taxes 100 Real Estate Taxes

12
1,200

PMI Insurance 70 PMI Insurance

12
840

Hazard Insurance 50 Hazard Insurance

12
600

Total Annual Payment - Mortgage 8,040 Total Annual Payment - Mortgage

Total Monthly Payment - Mortgage 670 Total Monthly Payment - Mortgag

Total Annual Mortgage Payment 8,040 Total Annual Mortgage Payment

Less Benefits: Less Benefits:
Principal Paydown - Year 2 (1,127) Principal Paydown - Year 3

Tax Deductible: Tax Deductible:

Real Estate Taxes 1,200 Real Estate Taxes
Interest 4,269 Interest
PMI 840 PMI
25% Tax Bracket 6,309 (1,577) 25% Tax Bracket

Final Amount to Compare to Renting 5,336 Final Amount to Compare to Rent

Year 2 Savings 2,584 Year 3 Savings

Cumulative Savings 13,124 Cumulative Savings
 Year 3 Year 4
n Apartment - Monthly 660 Rent in an Apartment - Monthly 660
12 12
n Apartment - Annually 7,920 Rent in an Apartment - Annually 7,920

Mortgage Payment
450 Principal & Interest 450
12 12
5,400 5,400

100 Real Estate Taxes 100

12 12
1,200 1,200

70 PMI Insurance 70
12 12
840 840

50 Hazard Insurance 50
12 12
600 600

nual Payment - Mortgage 8,040 Total Annual Payment - Mortgage 8,040

nthly Payment - Mortgage 670 Total Monthly Payment - Mortgage 670

nual Mortgage Payment 8,040 Total Annual Mortgage Payment 8,040

Less Benefits:
Paydown - Year 3 (1,191) Principal Paydown - Year 4 (1,258)

Tax Deductible:
1,200 Real Estate Taxes 1,200
4,206 Interest 4,138
840 PMI 840
6,246 (1,561) 25% Tax Bracket 6,178 (1,545)

ount to Compare to Renting 5,288 Final Amount to Compare to Renting 5,238

2,632 Year 4 Savings 2,682

15,756 Cumulative Savings 18,438
 Year 5
Rent in an Apartment - Monthly 660
12
Rent in an Apartment - Annually 7,920

Mortgage Payment
Principal & Interest 450
12
5,400

Real Estate Taxes 100

12
1,200

PMI Insurance 70
12
840

Hazard Insurance 50
12
600

Total Annual Payment - Mortgage 8,040

Total Monthly Payment - Mortgage 670

Total Annual Mortgage Payment 8,040

Less Benefits:
Principal Paydown - Year 5 (1,329)

Tax Deductible:
Real Estate Taxes 1,200
Interest 4,068
PMI 840
25% Tax Bracket 6,108 (1,527)

Final Amount to Compare to Renting 5,184

Year 5 Savings 2,736

Cumulative Savings 21,174

Savings Breakdown:
First Time Homebuyer Credit (8,000)
Principal Paydown (5,971)
Tax Deductions - Itemizing (7,803)
Mortgage pmt. - Rent pmt. 600
(21,174)
 Amortization Calculator
American National Bank
Price 30,000 Rate 6.50%
Down Pymt - Months 120
Loan Amount 30,000 Monthly Pymt $340.64
Beginning Ending Paid On Interest
Month Balance Balance Principal Paid
1 $30,000.00 $29,821.86 $178.14 $162.50
2 29,821.86 $29,642.75 179.11 161.54
3 29,642.75 $29,462.67 180.08 160.56
4 29,462.67 $29,281.61 181.05 159.59
5 29,281.61 $29,099.58 182.04 158.61
6 29,099.58 $28,916.56 183.02 157.62
7 28,916.56 $28,732.54 184.01 156.63
8 28,732.54 $28,547.54 185.01 155.63
9 28,547.54 $28,361.52 186.01 154.63
10 28,361.52 $28,174.50 187.02 153.62
11 28,174.50 $27,986.47 188.03 152.61
12 27,986.47 $27,797.42 189.05 151.59
13 27,797.42 $27,607.35 190.07 150.57
14 27,607.35 $27,416.24 191.10 149.54
15 27,416.24 $27,224.10 192.14 148.50
16 27,224.10 $27,030.92 193.18 147.46
17 27,030.92 $26,836.70 194.23 146.42
18 26,836.70 $26,641.42 195.28 145.37
19 26,641.42 $26,445.08 196.34 144.31
20 26,445.08 $26,247.68 197.40 143.24
21 26,247.68 $26,049.21 198.47 142.17
22 26,049.21 $25,849.67 199.54 141.10
23 25,849.67 $25,649.05 200.62 140.02
24 25,649.05 $25,447.33 201.71 138.93
25 25,447.33 $25,244.53 202.80 137.84
26 25,244.53 $25,040.63 203.90 136.74
27 25,040.63 $24,835.62 205.01 135.64
28 24,835.62 $24,629.50 206.12 134.53
29 24,629.50 $24,422.27 207.23 133.41
30 24,422.27 $24,213.91 208.36 132.29
31 24,213.91 $24,004.43 209.49 131.16
32 24,004.43 $23,793.81 210.62 130.02
33 23,793.81 $23,582.05 211.76 128.88
34 23,582.05 $23,369.14 212.91 127.74
35 23,369.14 $23,155.08 214.06 126.58
36 23,155.08 $22,939.86 215.22 125.42
37 22,939.86 $22,723.47 216.39 124.26
38 22,723.47 $22,505.91 217.56 123.09
39 22,505.91 $22,287.17 218.74 121.91
40 22,287.17 $22,067.25 219.92 120.72
41 22,067.25 $21,846.14 221.11 119.53
42 21,846.14 $21,623.83 222.31 118.33
43 21,623.83 $21,400.31 223.51 117.13
44 21,400.31 $21,175.59 224.73 115.92
45 21,175.59 $20,949.65 225.94 114.70
46 20,949.65 $20,722.48 227.17 113.48
47 20,722.48 $20,494.08 228.40 112.25
48 20,494.08 $20,264.45 229.63 111.01
49 20,264.45 $20,033.57 230.88 109.77
50 20,033.57 $19,801.44 232.13 108.52
51 19,801.44 $19,568.05 233.39 107.26
52 19,568.05 $19,333.40 234.65 105.99
53 19,333.40 $19,097.48 235.92 104.72
54 19,097.48 $18,860.28 237.20 103.44
55 18,860.28 $18,621.80 238.48 102.16
56 18,621.80 $18,382.02 239.78 100.87
57 18,382.02 $18,140.95 241.07 99.57
58 18,140.95 $17,898.57 242.38 98.26
59 17,898.57 $17,654.87 243.69 96.95
60 17,654.87 $17,409.86 245.01 95.63
Subtotal 12,590.14 7,848
Down Pymt 0.00
Total Cost 20,438.64