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Reverse mortgage calculator to calculate the remaining equity balance for your reverse mortgage a few years from now. The reverse mortgage payment calculator uses compound interest and the reverse mortgage amortization schedule will show you how much the loan balance is growing over the years. You can export the result to excel so that you can review it later. For conventional mortgage payments, use mortgage interest calculator.
Month # | Interest | Total Amount |
---|---|---|
1 | $558.33 | $100,558.33 |
2 | $561.45 | $101,119.78 |
3 | $564.59 | $101,684.37 |
4 | $567.74 | $102,252.11 |
5 | $570.91 | $102,823.01 |
6 | $574.10 | $103,397.11 |
7 | $577.30 | $103,974.41 |
8 | $580.52 | $104,554.93 |
9 | $583.77 | $105,138.70 |
10 | $587.02 | $105,725.72 |
11 | $590.30 | $106,316.03 |
12 | $593.60 | $106,909.62 |
13 | $596.91 | $107,506.54 |
14 | $600.24 | $108,106.78 |
15 | $603.60 | $108,710.38 |
16 | $606.97 | $109,317.34 |
17 | $610.36 | $109,927.70 |
18 | $613.76 | $110,541.46 |
19 | $617.19 | $111,158.65 |
20 | $620.64 | $111,779.29 |
21 | $624.10 | $112,403.39 |
22 | $627.59 | $113,030.97 |
23 | $631.09 | $113,662.06 |
24 | $634.61 | $114,296.68 |
25 | $638.16 | $114,934.83 |
26 | $641.72 | $115,576.55 |
27 | $645.30 | $116,221.85 |
28 | $648.91 | $116,870.76 |
29 | $652.53 | $117,523.29 |
30 | $656.17 | $118,179.46 |
31 | $659.84 | $118,839.30 |
32 | $663.52 | $119,502.81 |
33 | $667.22 | $120,170.04 |
34 | $670.95 | $120,840.99 |
35 | $674.70 | $121,515.68 |
36 | $678.46 | $122,194.15 |
37 | $682.25 | $122,876.40 |
38 | $686.06 | $123,562.46 |
39 | $689.89 | $124,252.35 |
40 | $693.74 | $124,946.09 |
41 | $697.62 | $125,643.70 |
42 | $701.51 | $126,345.22 |
43 | $705.43 | $127,050.64 |
44 | $709.37 | $127,760.01 |
45 | $713.33 | $128,473.34 |
46 | $717.31 | $129,190.65 |
47 | $721.31 | $129,911.96 |
48 | $725.34 | $130,637.30 |
49 | $729.39 | $131,366.69 |
50 | $733.46 | $132,100.16 |
51 | $737.56 | $132,837.72 |
52 | $741.68 | $133,579.39 |
53 | $745.82 | $134,325.21 |
54 | $749.98 | $135,075.19 |
55 | $754.17 | $135,829.36 |
56 | $758.38 | $136,587.74 |
57 | $762.61 | $137,350.36 |
58 | $766.87 | $138,117.23 |
59 | $771.15 | $138,888.39 |
60 | $775.46 | $139,663.85 |
61 | $779.79 | $140,443.64 |
62 | $784.14 | $141,227.78 |
63 | $788.52 | $142,016.30 |
64 | $792.92 | $142,809.23 |
65 | $797.35 | $143,606.58 |
66 | $801.80 | $144,408.38 |
67 | $806.28 | $145,214.66 |
68 | $810.78 | $146,025.44 |
69 | $815.31 | $146,840.75 |
70 | $819.86 | $147,660.61 |
71 | $824.44 | $148,485.05 |
72 | $829.04 | $149,314.09 |
73 | $833.67 | $150,147.76 |
74 | $838.33 | $150,986.09 |
75 | $843.01 | $151,829.09 |
76 | $847.71 | $152,676.81 |
77 | $852.45 | $153,529.25 |
78 | $857.20 | $154,386.46 |
79 | $861.99 | $155,248.45 |
80 | $866.80 | $156,115.25 |
81 | $871.64 | $156,986.90 |
82 | $876.51 | $157,863.41 |
83 | $881.40 | $158,744.81 |
84 | $886.33 | $159,631.14 |
85 | $891.27 | $160,522.41 |
86 | $896.25 | $161,418.66 |
87 | $901.25 | $162,319.91 |
88 | $906.29 | $163,226.20 |
89 | $911.35 | $164,137.55 |
90 | $916.43 | $165,053.98 |
91 | $921.55 | $165,975.53 |
92 | $926.70 | $166,902.23 |
93 | $931.87 | $167,834.10 |
94 | $937.07 | $168,771.17 |
95 | $942.31 | $169,713.48 |
96 | $947.57 | $170,661.05 |
97 | $952.86 | $171,613.90 |
98 | $958.18 | $172,572.08 |
99 | $963.53 | $173,535.61 |
100 | $968.91 | $174,504.52 |
101 | $974.32 | $175,478.83 |
102 | $979.76 | $176,458.59 |
103 | $985.23 | $177,443.82 |
104 | $990.73 | $178,434.54 |
105 | $996.26 | $179,430.80 |
106 | $1,001.82 | $180,432.63 |
107 | $1,007.42 | $181,440.04 |
108 | $1,013.04 | $182,453.08 |
109 | $1,018.70 | $183,471.78 |
110 | $1,024.38 | $184,496.16 |
111 | $1,030.10 | $185,526.27 |
112 | $1,035.85 | $186,562.12 |
113 | $1,041.64 | $187,603.76 |
114 | $1,047.45 | $188,651.21 |
115 | $1,053.30 | $189,704.52 |
116 | $1,059.18 | $190,763.70 |
117 | $1,065.10 | $191,828.80 |
118 | $1,071.04 | $192,899.84 |
119 | $1,077.02 | $193,976.86 |
120 | $1,083.04 | $195,059.90 |
121 | $1,089.08 | $196,148.99 |
122 | $1,095.17 | $197,244.15 |
123 | $1,101.28 | $198,345.43 |
124 | $1,107.43 | $199,452.86 |
125 | $1,113.61 | $200,566.47 |
126 | $1,119.83 | $201,686.30 |
127 | $1,126.08 | $202,812.38 |
128 | $1,132.37 | $203,944.75 |
129 | $1,138.69 | $205,083.44 |
130 | $1,145.05 | $206,228.49 |
131 | $1,151.44 | $207,379.94 |
132 | $1,157.87 | $208,537.81 |
133 | $1,164.34 | $209,702.14 |
134 | $1,170.84 | $210,872.98 |
135 | $1,177.37 | $212,050.35 |
136 | $1,183.95 | $213,234.30 |
137 | $1,190.56 | $214,424.86 |
138 | $1,197.21 | $215,622.07 |
139 | $1,203.89 | $216,825.96 |
140 | $1,210.61 | $218,036.57 |
141 | $1,217.37 | $219,253.94 |
142 | $1,224.17 | $220,478.11 |
143 | $1,231.00 | $221,709.11 |
144 | $1,237.88 | $222,946.98 |
145 | $1,244.79 | $224,191.77 |
146 | $1,251.74 | $225,443.51 |
147 | $1,258.73 | $226,702.24 |
148 | $1,265.75 | $227,967.99 |
149 | $1,272.82 | $229,240.81 |
150 | $1,279.93 | $230,520.74 |
151 | $1,287.07 | $231,807.81 |
152 | $1,294.26 | $233,102.07 |
153 | $1,301.49 | $234,403.56 |
154 | $1,308.75 | $235,712.31 |
155 | $1,316.06 | $237,028.37 |
156 | $1,323.41 | $238,351.78 |
157 | $1,330.80 | $239,682.58 |
158 | $1,338.23 | $241,020.81 |
159 | $1,345.70 | $242,366.51 |
160 | $1,353.21 | $243,719.72 |
161 | $1,360.77 | $245,080.49 |
162 | $1,368.37 | $246,448.85 |
163 | $1,376.01 | $247,824.86 |
164 | $1,383.69 | $249,208.55 |
165 | $1,391.41 | $250,599.96 |
166 | $1,399.18 | $251,999.15 |
167 | $1,407.00 | $253,406.14 |
168 | $1,414.85 | $254,820.99 |
169 | $1,422.75 | $256,243.74 |
170 | $1,430.69 | $257,674.44 |
171 | $1,438.68 | $259,113.12 |
172 | $1,446.71 | $260,559.83 |
173 | $1,454.79 | $262,014.63 |
174 | $1,462.92 | $263,477.54 |
175 | $1,471.08 | $264,948.62 |
176 | $1,479.30 | $266,427.92 |
177 | $1,487.56 | $267,915.48 |
178 | $1,495.86 | $269,411.34 |
179 | $1,504.21 | $270,915.55 |
180 | $1,512.61 | $272,428.16 |
A reverse mortgage is for homeowners who are 62 years or older to borrow against the equity in their homes. Borrowers own the home outright or must have substantial equities in their houses in order to get approved for reverse mortgages. A reverse mortgage allows the borrower to receive funds as a lump-sum payment, monthly payment, or line of equity in exchange for equities in their homes.
Unlike a traditional mortgage, the borrower does not need to make monthly payments to repay the mortgage. Instead, the lender makes monthly payments to the borrower. The mortgage balance is due when the borrower dies, moves away, or sells the house. When the borrower dies, the lenders are paid in full from the proceeds of the home sale. The payment includes principal, interest, mortgage insurance, and other fees that are associated with the reverse mortgage. Whatever is left over from the proceeds goes to the homeowner's heirs.
Following are the pros and cons of getting a reverse mortgage.
Pros of a reverse mortgage
Reverse mortgages are complicated. If you are not sure if you should get a reverse mortgage, discuss it with a professional financial advisor and see if a reverse mortgage is the best option for you. There may be other better options that you may not know about.
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