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Remaining Balance Formula:
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The remaining mortgage balance represents the outstanding principal amount you still owe on your mortgage loan after making payments. It decreases over time as you make principal payments toward your loan.
The calculator uses the simple formula:
Where:
Explanation: This calculation shows how much of your original loan amount you still owe after accounting for all principal reductions you've made.
Details: Knowing your remaining mortgage balance helps you understand your equity position, plan for refinancing, prepare for loan payoff, and make informed financial decisions about your property.
Tips: Enter your original loan amount and the total principal payments you've made to date. Both values should be in dollars. The calculator will show your current remaining balance.
Q1: Does this include interest payments?
A: No, this calculation only considers principal amounts. Your regular mortgage payments include both principal and interest components.
Q2: How can I find my total principal payments?
A: Check your mortgage statements or amortization schedule, which should show how much of each payment went toward principal reduction.
Q3: Why might my actual balance differ?
A: This is a simplified calculation. Your actual balance might differ due to fees, escrow adjustments, or if you've made additional principal payments beyond your regular schedule.
Q4: How does amortization affect my balance?
A: In a typical amortizing loan, early payments consist mostly of interest, while later payments apply more toward principal reduction.
Q5: When should I check my remaining balance?
A: Regularly monitoring your balance helps track progress toward payoff and is especially important when considering refinancing or selling your property.