1. What is Remaining Payments Calculation?

The remaining payments calculation helps mortgage holders understand how many payments are left in their amortization schedule. This simple subtraction provides clarity on the loan's progress and remaining term.

2. How Does the Calculator Work?

The calculator uses a straightforward formula:

Where:

• Total Payments — The full count of scheduled payments in the amortization
• Payments Made — The number of payments already completed

Explanation: This calculation shows how many payments remain until the mortgage is fully paid off according to the original schedule.

3. Importance of Tracking Remaining Payments

Details: Knowing remaining payments helps with financial planning, understanding equity buildup, and evaluating refinancing options. It provides a clear timeline for when the mortgage will be paid off.

4. Using the Calculator

Tips: Enter the total number of payments in the original amortization schedule and the number of payments you've already made. Both values must be positive integers.

5. Frequently Asked Questions (FAQ)

Q1: Does this account for extra payments?
A: No, this calculates based on the original schedule. Extra payments would reduce the actual remaining term beyond what this shows.

Q2: Where do I find total payments count?
A: Your original mortgage documents or amortization schedule will show the total number of scheduled payments.

Q3: What if I've refinanced?
A: You'll need to use the terms from your new mortgage after refinancing.

Q4: Does this include taxes and insurance?
A: This calculation is for principal and interest payments only. Escrow payments aren't included.

Q5: How accurate is this for adjustable rate mortgages?
A: It shows remaining payments based on current terms. Rate adjustments don't typically change the payment count.