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.
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 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 cannot 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.