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Mortgage Payoff Calculator
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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!
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Definitions
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- Annual interest rate (APR)
- The yearly cost of a mortgage, including interest,
mortgage insurance, and the origination fee (point(s)), expressed as a percentage.
Maximum APR is 20%.
- Mortgage length (years)
- Total length, or term, of your original mortgage
in years. The most common lengths are 30 years and 15 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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Information and interactive calculators are made available
to you as self-help tools for your independent use and are not intended to provide
investment advice. We can not and do not guarantee their applicability or accuracy
in regards to your individual circumstances. All examples are hypothetical and are
for illustrative purposes. We encourage you to seek personalized advice from qualified
professionals regarding all personal finance issues.
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