Mortgage Payoff Calculator
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!
You must have Java installed in order to use our tools. If you cannot see them, click here to download Java.
Definitions
- Annual interest rate (APR)
- The yearly cost of a mortgage, including interest, mortgage insurance, and the origination fee (point(s)), expressed as a percentage. Maximum APR 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 (PI) 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.
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 can not 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.
