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Example data table
| Scenario | Balance | APR | Term | Frequency | Extra | Typical output |
|---|---|---|---|---|---|---|
| Refreshed schedule | 185,000 | 7.25% | 240 | Monthly | 50 | New payment, payoff date, interest totals |
| Faster payoff | 92,500 | 6.10% | 156 | Biweekly | 25 | Shorter term and reduced interest cost |
Formula used
The periodic payment for a remaining balance uses the standard amortization equation: Payment = r × PV ÷ (1 − (1 + r)−n).
- PV is the remaining balance.
- r is the rate per period (APR ÷ periods per year).
- n is the remaining number of periods.
How to use this calculator
- Enter your remaining balance, APR, and remaining term periods.
- Choose payment frequency to match how you pay.
- Add an extra payment amount if you pay extra regularly.
- Pick a start date to estimate payoff timing.
- Press Reamortize to see payment, totals, and schedule.
Notes and limits
- This tool estimates amortization using a constant rate per period.
- Fees, escrow, and tax items are not included in totals.
- For exact payoff figures, confirm with your lender.
Professional article
Why reamortization matters
Reamortization recalculates your payment using today’s remaining balance, rate, and term. It is common after a principal curtailment, modification, or refinance-to-reset. For example, a 185,000 balance at 7.25% over 240 monthly periods produces a payment near 1,462.20, excluding taxes and fees. This calculator helps you quantify that reset in seconds and documents the new path with a full payoff table.
Key payment drivers
Your payment is driven by the periodic rate and remaining periods. If the APR stays constant but the term shortens, the payment rises while total interest falls. If the term extends, the payment drops but interest typically increases. The schedule shows interest-heavy early periods and growing principal later, making the timing of reamortization financially relevant. In the example, total interest is about 165,926.94 when paid as scheduled.
Impact of extra payments
Extra payments change the payoff path. Adding 50 per period to the example above reduces balance faster, cuts interest, and may end the schedule early. Even small extras compound because each period’s interest is computed on the prior balance. The exported schedule lets you verify the interest saved by comparing total interest across scenarios. Track cumulative interest alongside balance to see where savings accelerate.
Choosing payment frequency
Use the frequency option to match how you actually pay. Monthly uses 12 periods per year, biweekly uses 26, and weekly uses 52. With more frequent payments, interest accrues over smaller intervals and principal reduces sooner, which can slightly reduce lifetime interest versus an equivalent nominal APR, depending on lender conventions. Keep the term in periods consistent with the selected frequency for accurate results.
Decision-ready outputs
For planning, pair the new payment with your cash-flow constraints. Compare the recalculated payment to your current payment to estimate immediate budget impact. Then review totals: total paid, total interest, and estimated payoff date. If you are considering a modification, run a few “what-if” cases with different terms and extras to choose a sustainable path. Save CSV outputs to share with advisors and to audit statements. Recheck inputs whenever rates or balances change materially again.
FAQs
What does “reamortize” mean here?
Reamortize means recalculating the payment using your remaining balance, the selected APR, and the remaining number of periods, then rebuilding the amortization schedule from that point forward.
Does this include escrow, insurance, or fees?
No. Results focus on principal and interest only. If your lender adds escrow, mortgage insurance, or servicing fees, add those items separately to estimate your full periodic payment.
How do I choose the remaining term value?
Enter the number of payment periods left, based on your payment frequency. For monthly payments use months remaining, for biweekly use biweekly periods remaining, and for weekly use weeks remaining.
What does “extra payment each period” do?
Extra payments reduce the balance after scheduled principal is applied. That lowers future interest because interest is computed on the smaller remaining balance, often shortening payoff time.
Why can payoff finish earlier than the term?
If extra payments or rounding push the balance to zero sooner, the final period is adjusted to pay only the remaining principal plus that period’s interest.
Is the payment change comparison required?
No. Current payment is optional. If you provide it, the tool reports the difference versus the recalculated payment to help you estimate budget impact.