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"15-Year Amortization Table" 

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Article: "15-Year Amortization Table. Benefits of 15-Year Mortgage Versus 30-Year Mortgage"
By Andre Plessis

"15-Year Amortization Table. Comparison and Benefits of 15-Year Mortgage Versus 30-Year Mortgage"

Shorter loan term carries a lower interest rate, helping borrowers to save in interest cost. The most common reason to refinance is to take advantage of lower interest rates and thereby save on mortgage costs. Benefits you may realize from refinancing include:

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Reduce the total amount of interest you pay over the life of your loan

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Reduce the amount of your monthly payment

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Pay off your loan faster by reducing the term of your loan

You should be clear about your refinancing goals because refinancing can change a number of things about your mortgage (e.g., monthly payments, risk of changing payments with interest rate changes, or time to repay your mortgage). It is important to know your reason to refinance so that you can decide if the changes will achieve your goal. You can often reduce your interest costs by getting a shorter term loan (like a 15 year mortgage). But 15 year mortgages have higher monthly payments than 30 year mortgages. If you have a 30-year mortgage you may not need to refinance to a 15-year loan as if you apply more money to your principal every month, you will achieve the same results as if you had a 15-year loan.

The main benefits of having a 15-year loan is the amount of money you put towards principal every month thus the interests you save over a 30-year loan.

Calculation Results

Loan Amount: $200,000.00   ~  Term of the Loan: 15 years  ~  Interest Rate: 7.000%

Monthly mortgage payments: $1,797.66   ~  Total interest paid over the life of the loan: $123,578.18

Amortization Table

Pmt # Date Loan Balance Interest Principal Total Interest
1   January 1, 2007  199,369.01   1,166.67   630.99   1,166.67  
2   February 1, 2007  198,734.34   1,162.99   634.67   2,329.65  
3   March 1, 2007  198,095.97   1,159.28   638.37   3,488.94  
4   April 1, 2007  197,453.87   1,155.56   642.10   4,644.50  
5   May 1, 2007  196,808.03   1,151.81   645.84   5,796.31  
6   June 1, 2007  196,158.42   1,148.05   649.61   6,944.36  
7   July 1, 2007  195,505.02   1,144.26   653.40   8,088.61  
8   August 1, 2007  194,847.81   1,140.45   657.21   9,229.06  
9   September 1, 2007  194,186.76   1,136.61   661.04   10,365.67  
10   October 1, 2007  193,521.86   1,132.76   664.90   11,498.43  
11   November 1, 2007  192,853.08   1,128.88   668.78   12,627.31  
12   December 1, 2007  192,180.40   1,124.98   672.68   13,752.28  
Pmt # Date Loan Balance Interest Principal Total Interest
13   January 1, 2008  191,503.80   1,121.05   676.60   14,873.34  
14   February 1, 2008  190,823.25   1,117.11   680.55   15,990.44  
15   March 1, 2008  190,138.73   1,113.14   684.52   17,103.58  
16   April 1, 2008  189,450.21   1,109.14   688.51   18,212.72  
17   May 1, 2008  188,757.68   1,105.13   692.53   19,317.85  
18   June 1, 2008  188,061.11   1,101.09   696.57   20,418.93  
19   July 1, 2008  187,360.48   1,097.02   700.63   21,515.95  
20   August 1, 2008  186,655.76   1,092.94   704.72   22,608.89  
21   September 1, 2008  185,946.93   1,088.83   708.83   23,697.72  
22   October 1, 2008  185,233.96   1,084.69   712.97   24,782.41  
23   November 1, 2008  184,516.84   1,080.53   717.13   25,862.94  
24   December 1, 2008  183,795.53   1,076.35   721.31   26,939.29  
Pmt # Date Loan Balance Interest Principal Total Interest
25   January 1, 2009  183,070.01   1,072.14   725.52   28,011.43  
26   February 1, 2009  182,340.27   1,067.91   729.75   29,079.34  
27   March 1, 2009  181,606.26   1,063.65   734.00   30,142.99  
28   April 1, 2009  180,867.97   1,059.37   738.29   31,202.36  
29   May 1, 2009  180,125.38   1,055.06   742.59   32,257.42  
30   June 1, 2009  179,378.45   1,050.73   746.93   33,308.15  
31   July 1, 2009  178,627.17   1,046.37   751.28   34,354.53  
32   August 1, 2009  177,871.51   1,041.99   755.66   35,396.52  
33   September 1, 2009  177,111.44   1,037.58   760.07   36,434.10  
34   October 1, 2009  176,346.93   1,033.15   764.51   37,467.25  
35   November 1, 2009  175,577.96   1,028.69   768.97   38,495.94  
36   December 1, 2009  174,804.51   1,024.20   773.45   39,520.15  
Pmt # Date Loan Balance Interest Principal Total Interest
37   January 1, 2010  174,026.55   1,019.69   777.96   40,539.84  
38   February 1, 2010  173,244.05   1,015.15   782.50   41,554.99  
39   March 1, 2010  172,456.98   1,010.59   787.07   42,565.58  
40   April 1, 2010  171,665.32   1,006.00   791.66   43,571.58  
41   May 1, 2010  170,869.05   1,001.38   796.28   44,572.96  
42   June 1, 2010  170,068.13   996.74   800.92   45,569.70  
43   July 1, 2010  169,262.53   992.06   805.59   46,561.76  
44   August 1, 2010  168,452.24   987.36   810.29   47,549.13  
45   September 1, 2010  167,637.22   982.64   815.02   48,531.77  
46   October 1, 2010  166,817.45   977.88   819.77   49,509.65  
47   November 1, 2010  165,992.90   973.10   824.55   50,482.75  
48   December 1, 2010  165,163.53   968.29   829.36   51,451.05  
Pmt # Date Loan Balance Interest Principal Total Interest
49   January 1, 2011  164,329.33   963.45   834.20   52,414.50  
50   February 1, 2011  163,490.26   958.59   839.07   53,373.09  
51   March 1, 2011  162,646.30   953.69   843.96   54,326.78  
52   April 1, 2011  161,797.41   948.77   848.89   55,275.55  
53   May 1, 2011  160,943.57   943.82   853.84   56,219.37  
54   June 1, 2011  160,084.75   938.84   858.82   57,158.21  
55   July 1, 2011  159,220.92   933.83   863.83   58,092.03  
56   August 1, 2011  158,352.06   928.79   868.87   59,020.82  
57   September 1, 2011  157,478.12   923.72   873.94   59,944.54  
58   October 1, 2011  156,599.09   918.62   879.03   60,863.16  
59   November 1, 2011  155,714.92   913.49   884.16   61,776.66  
60   December 1, 2011  154,825.60   908.34   889.32   62,685.00  
Pmt # Date Loan Balance Interest Principal Total Interest
61   January 1, 2012  153,931.10   903.15   894.51   63,588.15  
62   February 1, 2012  153,031.37   897.93   899.73   64,486.08  
63   March 1, 2012  152,126.40   892.68   904.97   65,378.76  
64   April 1, 2012  151,216.15   887.40   910.25   66,266.16  
65   May 1, 2012  150,300.58   882.09   915.56   67,148.26  
66   June 1, 2012  149,379.68   876.75   920.90   68,025.01  
67   July 1, 2012  148,453.41   871.38   926.28   68,896.39  
68   August 1, 2012  147,521.73   865.98   931.68   69,762.37  
69   September 1, 2012  146,584.61   860.54   937.11   70,622.92  
70   October 1, 2012  145,642.03   855.08   942.58   71,477.99  
71   November 1, 2012  144,693.96   849.58   948.08   72,327.57  
72   December 1, 2012  143,740.35   844.05   953.61   73,171.62  
Pmt # Date Loan Balance Interest Principal Total Interest
73   January 1, 2013  142,781.18   838.49   959.17   74,010.10  
74   February 1, 2013  141,816.41   832.89   964.77   74,842.99  
75   March 1, 2013  140,846.02   827.26   970.39   75,670.26  
76   April 1, 2013  139,869.96   821.60   976.05   76,491.86  
77   May 1, 2013  138,888.21   815.91   981.75   77,307.77  
78   June 1, 2013  137,900.74   810.18   987.48   78,117.95  
79   July 1, 2013  136,907.50   804.42   993.24   78,922.37  
80   August 1, 2013  135,908.47   798.63   999.03   79,721.00  
81   September 1, 2013  134,903.62   792.80   1,004.86   80,513.80  
82   October 1, 2013  133,892.90   786.94   1,010.72   81,300.73  
83   November 1, 2013  132,876.28   781.04   1,016.61   82,081.77  
84   December 1, 2013  131,853.74   775.11   1,022.54   82,856.89  
Pmt # Date Loan Balance Interest Principal Total Interest
85   January 1, 2014  130,825.23   769.15   1,028.51   83,626.03  
86   February 1, 2014  129,790.72   763.15   1,034.51   84,389.18  
87   March 1, 2014  128,750.17   757.11   1,040.54   85,146.29  
88   April 1, 2014  127,703.56   751.04   1,046.61   85,897.34  
89   May 1, 2014  126,650.84   744.94   1,052.72   86,642.27  
90   June 1, 2014  125,591.98   738.80   1,058.86   87,381.07  
91   July 1, 2014  124,526.94   732.62   1,065.04   88,113.69  
92   August 1, 2014  123,455.69   726.41   1,071.25   88,840.10  
93   September 1, 2014  122,378.20   720.16   1,077.50   89,560.26  
94   October 1, 2014  121,294.41   713.87   1,083.78   90,274.13  
95   November 1, 2014  120,204.31   707.55