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Calculators

Mortgage Payoff

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.

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.

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