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How to Figure Out How Much Is Left on a Mortgage

how much is a mortgage

With a few pieces of information, you can calculate your remaining mortgage balance.

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When you make your monthly mortgage payment, only a portion of that money actually goes toward paying off the loan. Part of the payment is interest on the money you've borrowed; if it's still fairly early in the term of your mortgage, interest will be a huge chunk of your payment. That makes it hard to figure out at a glance just how much is left on your mortgage.


Probably the simplest way to find out how much is left on your mortgage is to check your mortgage statement. Look for an item labeled "principal balance." That's how much you actually owe, and the interest you pay is charged on that amount. If your balance isn't on your statement, call your mortgage company and ask for your principal balance. Or you can do the math yourself using the

same formula the lender used to determine your payment.

Data Points

To calculate the principal balance on your mortgage, you'll need three pieces of information. First is the amount of your current monthly payment for principal and interest. Many homeowners pay their property taxes and hazard insurance premiums as part of their mortgage payments; if you do this, don't include the tax and insurance portions in the calculations. The second piece of data is the annual interest rate you're paying on your mortgage. If you're in a fixed-rate mortgage, it's the rate you've been paying all along; if your mortgage has an adjustable rate, it's whatever you're paying right now. The final bit of required information is how many months remain on your mortgage.


Lenders use a special formula called an amortization formula to set your monthly payment. This formula can also be used to determine your principal balance at any point. The formula goes like this:

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