How
much interest can you save by making additional principal payments to your mortgage?
This financial calculator helps you find out.
Try
another calculator
DEFINITIONS
- Annual
interest rate:
- Annual interest rate. Maximum interest rate is 20%.
- Mortgage
length (years):
- Total length, or term, of your orginal 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.
- Calculate
balance:
- To let the calculator determine your remaining balance, based
on your original loan information and years remaining, check this box. To enter
your own amount, leave this box unchecked.
- Total
savings:
- Total amount you would save in interest if you made the accelerated
payment until your mortgage was paid in full.
Try
another calculator |