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.
Mortgage Payoff Definitions
- Annual interest rate
- The annual interest rate used to calculate your monthly payment. Please note that this is different than an 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.
- Original mortgage term
- Total length, or term, of your original mortgage in years. The most common lengths are 15 years and 30 years.
- Years Remaining
- Total number of years remaining on your original mortgage.
- 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.
- Current mortgage payment
- Monthly principal and interest payment (PI) based on your original mortgage amount, term and interest rate.
- Monthly 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.