How your payments are applied.
An amortization schedule is a way to see exactly how your mortgage principal and interest payments are applied over the life of your loan. You can also see how principal curtailments (extra payments you may make periodically, over and above your normal payment) can dramatically lower the amount of interest you pay over the life of the loan. Using our amortization spreadsheet, you can change curtailment amounts to adjust the impacts of those extra payments.
If you are a Registered Personal Internet Banking customer, you can log on to your account and view your amortization schedule.
You can download our spreadsheet file and follow the directions below:
Directions to use the Amortization Spreadsheet:
- Use your most recent Monthly Mortgage Statement to get your loan amount, and interest rate, or locate the information on Internet Banking. You can also go to our rate calculator to approximate your payment terms.
- Key in the loan amount over the loan amount shown in blue.
- Key in the loan interest rate over the interest rate shown in blue.
- Key in the total number of monthly loan payments (not the number you may have left) over the number of loan payments shown in blue.
- Key in the monthly loan payment (principal and interest only) over the monthly payment shown in blue.
- Under the word MONTH, key in the number of the month that the first payment was or will be due.
- Under the word DAY, key in the number of the day in the month that the first payment was or will be due. That's usually the first day of each month for mortgages.
- Under the word YEAR, key in the full four-digit year that the first payment was or will be due.
- Press the F9 key to calculate your results. This will give you the application of payments throughout your term (for example, 15, 20 or 30 years).
Accelerated Payments Column: Accelerated Payments Column: This column allows you to enter a fixed additional amount or to place additional principal payments in designated months to see how they will shorten your mortgage term. For example, to make an extra $1,000 payment each May after you receive your income tax refund, enter $1,000 wherever you see the month of May in column "A". You can do this for every year during your loan term, or you can put it in just the first few years to try it. When finished, press the F9 key again to calculate the new payments. If you scroll down the sheet, you can see how making just a few extra payments will shorten your loan. In fact, adding a $20.00 payment every month will shorten your term considerably.