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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!
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.
