How Fast Will My Mortgage Principal Balance Fall With A 15-Year Fixed, 20-Year Fixed And 30-Year Fixed Mortgage?

When banks make fixed-rate, principal + interest home loans, a borrower's monthly payment gets calculated from amortization schedules (ah-mor-ti-ZAY-shun). With respect to mortgages, amortization is the process of paying a loan to $0 over time. For homeowners, an amortization schedule's most important trait is that it creates interest-heavy repayments in...