Mortgage Renewal

Amount to mortgage: $339,000
Mortgage Term: 5 years
Mortgage Rate: 3.500%
Mortgage Amortization: 30 years
Payment Schedule: Monthly
Mortgage Summary

You will have 359 payments of $1,517.49 a month for 30 years, plus one final payment of $1,515.68 to payout a $339,000 loan with a rate of 3.5%.
Mortgage balance remaining at end of term is $303,940.79.
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:	$1,517.49	a month
Mortgage balance:	$303,940.79	at end of term

Number of payments:	60	at end of term (12 payments per year)
Total payments:	$91,049.40	at end of term (over 5 years years)
Total interest	$55,990.19	at end of term (based on 3.500%)

Number of payments:	360	over amortization (12 payments per year)
Total payment:	$546,294.59	over amortization (30 years)
Total interest:	$207,294.59	over amortization (based on 3.500%)
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 $1,517.49	$18,209.88	$6,533.89	$11,675.99	$332,466.11
2	12 x $1,517.49	$36,419.76	$13,298.46	$23,121.30	$325,701.54
3	12 x $1,517.49	$54,629.64	$20,301.87	$34,327.77	$318,698.13
4	12 x $1,517.49	$72,839.52	$27,552.54	$45,286.98	$311,447.46
5	12 x $1,517.49	$91,049.40	$35,059.21	$55,990.19	$303,940.79
6	12 x $1,517.49	$109,259.28	$42,830.90	$66,428.38	$296,169.10
7	12 x $1,517.49	$127,469.16	$50,876.99	$76,592.17	$288,123.01
8	12 x $1,517.49	$145,679.04	$59,207.15	$86,471.89	$279,792.85
9	12 x $1,517.49	$163,888.92	$67,831.42	$96,057.50	$271,168.58
10	12 x $1,517.49	$182,098.80	$76,760.19	$105,338.61	$262,239.81
11	12 x $1,517.49	$200,308.68	$86,004.19	$114,304.49	$252,995.81
12	12 x $1,517.49	$218,518.56	$95,574.56	$122,944.00	$243,425.44
13	12 x $1,517.49	$236,728.44	$105,482.83	$131,245.61	$233,517.17
14	12 x $1,517.49	$254,938.32	$115,740.92	$139,197.40	$223,259.08
15	12 x $1,517.49	$273,148.20	$126,361.19	$146,787.01	$212,638.81
16	12 x $1,517.49	$291,358.08	$137,356.41	$154,001.67	$201,643.59
17	12 x $1,517.49	$309,567.96	$148,739.84	$160,828.12	$190,260.16
18	12 x $1,517.49	$327,777.84	$160,525.18	$167,252.66	$178,474.82
19	12 x $1,517.49	$345,987.72	$172,726.61	$173,261.11	$166,273.39
20	12 x $1,517.49	$364,197.60	$185,358.82	$178,838.78	$153,641.18
21	12 x $1,517.49	$382,407.48	$198,437.04	$183,970.44	$140,562.96
22	12 x $1,517.49	$400,617.36	$211,976.99	$188,640.37	$127,023.01
23	12 x $1,517.49	$418,827.24	$225,994.99	$192,832.25	$113,005.01
24	12 x $1,517.49	$437,037.12	$240,507.92	$196,529.20	$98,492.08
25	12 x $1,517.49	$455,247.00	$255,533.24	$199,713.76	$83,466.76
26	12 x $1,517.49	$473,456.88	$271,089.04	$202,367.84	$67,910.96
27	12 x $1,517.49	$491,666.76	$287,194.07	$204,472.69	$51,805.93
28	12 x $1,517.49	$509,876.64	$303,867.70	$206,008.94	$35,132.30
29	12 x $1,517.49	$528,086.52	$321,130.02	$206,956.50	$17,869.98
30	11 x $1,517.49
1 x $1,515.68	$546,294.59	$339,000.00	$207,294.59	$0