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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! (Please note: This calculator is intended to provide approximate information on loan payments and does not constitute an offer to extend credit. Your actual payment information may vary.)

    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. 

     

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    Information and interactive calculators are made available to you as self-help tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances. All calculations are based on user inputs and do not reflect any guarantee or commitment of the loan, interest rate, expected savings or tax advantage. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.