Mortgage Payoff Calculator
How much interest can you save by increasing your mortgage
payment? This financial calculator helps you find out. Click the
"View Report" button to see a complete amortization payment
schedule and how much you can save on your mortgage.
Definitions
- Annual interest rate
- The annual interest rate used to calculate your monthly
payment. Please note that this is different than an Annual
Percentage Rate (APR) which includes other expenses such as
mortgage insurance, and the origination fee and or point(s), which
were paid when the mortgage was first originated. The APR is
normally higher than the simple interest rate.
- Mortgage length (years)
- Total length, or term, of your original mortgage in years. The
most common lengths are 15 years and 30 years.
- Original mortgage amount
- The original amount financed with your mortgage, not to be
confused with the remaining balance or principal balance.
- Additional monthly payment
- Your proposed extra payment per month. This payment will be
used to reduce your principal balance.
- Scheduled payment
- Monthly principal and interest payment (PI) based on your
original mortgage amount, term and interest rate.
- Accelerated payment
- Scheduled payment plus additional monthly payment.
- Total savings
- Total amount you would save in interest if you made the
accelerated payment until your mortgage was paid in full.
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