Mortgage offered

Amount to mortgage: $347,000
Mortgage Term: 5 years
Mortgage Rate: 2.790%
Mortgage Amortization: 30 years
Payment Schedule: Monthly
Mortgage Summary

You will have 359 payments of $1,421.00 a month for 30 years, plus one final payment of $1,419.46 to payout a $347,000 loan with a rate of 2.79%.
Mortgage balance remaining at end of term is $307,218.38.
By switching your payment schedule from monthly to weekly or biweekly you are able to shorten the mortgage amortization period and save a substantial amount on interest payments.
Calculation Results

Mortgage payments:	$1,421.00	a month
Mortgage balance:	$307,218.38	at end of term

Number of payments:	60	at end of term (12 payments per year)
Total payments:	$85,260.00	at end of term (over 5 years years)
Total interest	$45,478.38	at end of term (based on 2.790%)

Number of payments:	360	over amortization (12 payments per year)
Total payment:	$511,558.46	over amortization (30 years)
Total interest:	$164,558.46	over amortization (based on 2.790%)
Amortization and Payment Summary

The amortization of a mortgage refers to the total number of years required to pay back the entire amount borrowed. While the most common amortization period is 25 years, you can accelerate it to a shorter period of time in order to save on interest charges.

Year	Payments
per Year	Total
Payment	Principal
Payment	Interest
Payment	Balance
1	12 x $1,421.00	$17,052.00	$7,521.65	$9,530.35	$339,478.35
2	12 x $1,421.00	$34,104.00	$15,254.61	$18,849.39	$331,745.39
3	12 x $1,421.00	$51,156.00	$23,204.83	$27,951.17	$323,795.17
4	12 x $1,421.00	$68,208.00	$31,378.41	$36,829.59	$315,621.59
5	12 x $1,421.00	$85,260.00	$39,781.62	$45,478.38	$307,218.38
6	12 x $1,421.00	$102,312.00	$48,420.92	$53,891.08	$298,579.08
7	12 x $1,421.00	$119,364.00	$57,302.94	$62,061.06	$289,697.06
8	12 x $1,421.00	$136,416.00	$66,434.49	$69,981.51	$280,565.51
9	12 x $1,421.00	$153,468.00	$75,822.58	$77,645.42	$271,177.42
10	12 x $1,421.00	$170,520.00	$85,474.44	$85,045.56	$261,525.56
11	12 x $1,421.00	$187,572.00	$95,397.46	$92,174.54	$251,602.54
12	12 x $1,421.00	$204,624.00	$105,599.26	$99,024.74	$241,400.74
13	12 x $1,421.00	$221,676.00	$116,087.67	$105,588.33	$230,912.33
14	12 x $1,421.00	$238,728.00	$126,870.76	$111,857.24	$220,129.24
15	12 x $1,421.00	$255,780.00	$137,956.79	$117,823.21	$209,043.21
16	12 x $1,421.00	$272,832.00	$149,354.28	$123,477.72	$197,645.72
17	12 x $1,421.00	$289,884.00	$161,071.98	$128,812.02	$185,928.02
18	12 x $1,421.00	$306,936.00	$173,118.88	$133,817.12	$173,881.12
19	12 x $1,421.00	$323,988.00	$185,504.23	$138,483.77	$161,495.77
20	12 x $1,421.00	$341,040.00	$198,237.55	$142,802.45	$148,762.45
21	12 x $1,421.00	$358,092.00	$211,328.60	$146,763.40	$135,671.40
22	12 x $1,421.00	$375,144.00	$224,787.44	$150,356.56	$122,212.56
23	12 x $1,421.00	$392,196.00	$238,624.40	$153,571.60	$108,375.60
24	12 x $1,421.00	$409,248.00	$252,850.11	$156,397.89	$94,149.89
25	12 x $1,421.00	$426,300.00	$267,475.48	$158,824.52	$79,524.52
26	12 x $1,421.00	$443,352.00	$282,511.74	$160,840.26	$64,488.26
27	12 x $1,421.00	$460,404.00	$297,970.45	$162,433.55	$49,029.55
28	12 x $1,421.00	$477,456.00	$313,863.46	$163,592.54	$33,136.54
29	12 x $1,421.00	$494,508.00	$330,202.97	$164,305.03	$16,797.03
30	11 x $1,421.00
1 x $1,419.46	$511,558.46	$347,000.00	$164,558.46	$0