The mortgage payment calculator calculates the monthly principal and interest payments on any given loan based on the loan amount, interest rate and term.  The mortgage calculators can then produce a breakdown by payment or amortization schedule.   By input the beginning principal amount, interest rate, length of the loan and the number of payments to analyze for a loan, the borrower can see what the principal balance will be after any number of payments on a future loan or existing loan.  This information can be helpful when analyzing the amount of equity in a home, options for making early payoffs and additional payments as well as ascertaining the balance for possible future borrowing needs.

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