|
|
 |
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 (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. 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.
|
|
|
