|Mortgage Payoff Calculator
|This financial calculator helps determine how much interest you save by increasing your mortgage payment. Click the "Payment Schedule" button below the graph to see a complete amortization payment schedule and how much you can save on your mortgage!
This calculator is for illustrative purposes only. The information shown is designed to provide basic information about mortgage financing. Please consult with your tax advisor to determine the tax impact of home ownership and interest deductibility for your individual circumstances.
|Annual interest rate||The annual interest rate. The maximum interest rate is 20%. |
|Mortgage length (years)||The total length, or term, of your original mortgage in years. The 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||Your monthly principal and interest payment based on your original mortgage amount, term and interest rate. |
|Accelerated payment||The scheduled payment plus additional monthly payment. |
|Total savings||The total amount you would save in interest if you made the accelerated payment until your mortgage was paid in full. ||