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 Calculator
Mortgage Payoff Calculator Definitions
- Annual interest rate
- 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.
- Original mortgage term
- Total length, or term, of your original mortgage in years. Common terms are 15, 20 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 principal payment
- Your proposed extra payment amount per month. This amount will be used to further 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 your additional principal payment.
- Total savings
- Total amount you would save in interest if you made the accelerated payment until your mortgage was paid in full.