1. What is a Mortgage Calculator for Payments Left?

Definition: This calculator determines the remaining balance on a mortgage after a certain number of payments have been made.

Purpose: It helps homeowners understand how much they still owe on their mortgage and plan their finances accordingly.

2. How Does the Calculator Work?

The calculator uses the formula:

Where:

• \( B \) — Remaining balance ($)
• \( P \) — Principal loan amount ($)
• \( r \) — Monthly interest rate (annual rate ÷ 12)
• \( n \) — Total number of payments (term in years × 12)
• \( k \) — Number of payments already made

Explanation: The formula calculates how much principal remains after k payments of an n-payment loan.

3. Importance of Calculating Remaining Balance

Details: Knowing your remaining balance helps with refinancing decisions, planning extra payments, and understanding your home equity.

4. Using the Calculator

Tips: Enter the original loan amount, annual interest rate, loan term in years, and number of payments already made. All values must be valid (payments made ≤ total payments).

5. Frequently Asked Questions (FAQ)

Q1: Does this account for extra payments?
A: No, this calculates based on the original amortization schedule. Extra payments would reduce the balance faster.

Q2: How accurate is this calculation?
A: It's mathematically precise for fixed-rate mortgages following standard amortization.

Q3: Can I use this for adjustable-rate mortgages?
A: Only if the rate hasn't changed, as the calculation assumes a constant interest rate.

Q4: What if I've made partial payments?
A: This calculator assumes full, on-time payments. Partial payments would require more complex calculations.

Q5: How can I see my full amortization schedule?
A: Use our Mortgage Amortization Calculator for a complete payment-by-payment breakdown.