Question 1

What Is an Amortization Schedule?

Accepted Answer

An Amortization Schedule lists the Interest and Principal by each Repayment until the loan is paid off at the end of the Amortization Period. The Periodic Payment is the total payment due each time. The majority of each payment at the beginning of the term will be interest and very little applied to principal.

Question 2

Can you change your amortization schedule?

Accepted Answer

There are several ways to change your amortization schedule for your mortgage. The first is to refinance and change the rate, term or loan amount. The second way is to pay additional payments or increase the amount applied to principal. The third way is to put a large amount down on your mortgage after your purchase or refinance and request a recast.

Question 3

What is a 30 year amortization schedule?

Accepted Answer

A 30 year amortization schedule is a simple table that produces a mortgage payment with compounding interest over a 30 year period which is 360 payments over the term of the loan.

Question 4

How do you calculate principal and interest?

Accepted Answer

The interest on the loan is amortized if principal (P) dollars and interest (i) dollars are repaid over a the length of the term of 12 (n) monthly payments of (A).

Mortgage broker in Virginia for VA, FHA, USDA, Jumbo and Conventional Loans

Cities we Service

Cain Mortgage Team