How to Calculate a 30-Year Mortgage Balance After 5 Years

Find out your mortgage balance

Find out your mortgage balance

A mortgage is likely the largest piece of debt you have and it's comforting to know how quickly you are reducing the balance on your mortgage. In the first years of your mortgage, the majority of your payments go to paying interest. Assuming you have a fixed-rate mortgage, determining your remaining balance at a future point is a straightforward process that will provide a financial snapshot of your debt in the future.

Compile the following data on your mortgage: original amount, interest rate, any additional payments you have made, the original term of repayment -- such as 30 years, and the starting date of your mortgage payments. When you determine the remaining balance of a loan, you are calculating the amortization of the loan. Amortization is the decrease of the loan principal that occurs when you make payments.

Find an online mortgage amortization calculator and enter the starting mortgage balance, the payment term -- such as 30 years, the interest rate, and the start date of your mortgage payments. Make sure to use a calculator that provides an amortization table, not just a payoff date for the entire mortgage. An amortization table shows every payment you will make on your loan, the amount of each payment going to interest and principle, and the declining balance of your loan.

Analyze the amortization table to find the balance of your loan at any future date, such as five years after your 30-year mortgage began.


  • Most amortization calculators allow you to calculate the impact of additional payments, either by paying more per month or by making additional payments during the year. You might be amazed at the money you can save by paying a few extra dollars each month or an additional payment every year. Be sure to play with the numbers to see the impact of additional payments.


  • This how-to applies to standard, fixed-rate mortgages. It also assumes that you have made all payments on time.

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About the Author

Based in Beaufort, SC, Eric H. Doss has been writing professionally since 2005. Mr. Doss is a writer and editor for an international publishing and information company and his work has appeared on eHow, Answerbag and other websites. A trained historian, he holds a master's degree from Clemson University.

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