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Mortgage Payoff Calculator
How much interest
can you save by increasing your mortgage payment? This financial calculator
helps you find out. Hit "Payment Schedule" to see a complete amortization payment
schedule, and how much you can save on your mortgage!
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D E
F I N I T I O N S
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| Annual interest rate: | Annual interest rate. Maximum interest rate 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 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. |