How much interest can you save by increasing your mortgage payment? The mortgage payoff 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.
Mortgage payoff inputs: | Total savings $0.00 |
Mortgage payoff result summary:
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Mortgage Balances and Interest |
The annual interest rate used to calculate your monthly payment. Please note that the interest rate is different from the 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.
Total length, or term, of your original mortgage in years. Common terms are 15, 20 and 30 years.
Total number of years remaining on your original mortgage.
The original amount financed with your mortgage, not to be confused with the remaining balance or principal balance.
Your proposed extra payment amount per month. This amount will be used to further reduce your principal balance.
Monthly principal and interest payment (PI) based on your original mortgage amount, term and interest rate.
Scheduled payment plus your additional principal payment.
Total amount you would save in interest if you made the accelerated payment until your mortgage was paid in full.
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 cannot 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. The S&P 500 is an unmanaged index of 500 widely held stocks. It is not possible to invest directly in an index. The performance mentioned does not include fees and charges which would reduce an investor returns. While interest on municipal bonds is generally exempt from federal income tax, it may be subject to the federal alternative minimum tax, or state or local taxes. Profits and losses on federally tax-exempt bonds may be subject to capital gains tax treatment. Fixed income risks include, but are not limited to, changes in interest rates, liquidity, credit quality, volatility, and duration.