The results from the calculators should be used as an indication only and is neither a quote nor a pre-qualification for a home loan.
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!
Definitions:
| 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. |
