![]() This calculator will provide good results but you may want to also talk to your loan provider to get a calculation from them. (payment = principal + interest) Monthly Extra the extra amount you plan to add to your monthly payments on this mortgage. Extra Payment Mortgage Calculator to Calculate Mortgage Payoff Savings. This value is not always easy to find but usually you can look at your last statement to find the amounts applied to principal and interest and add these 2 numbers together. Paying even a little extra each month can get you to your loan’s finish line sooner, and cut down on the total interest you pay. Estimate how much you can save, and how much equity you can create. DO NOT include insurance or taxes or escrow payments these are not applied to your loan. Mortgage Payoff Calculator: See how changes in your payment can affect your payoff time. Current Monthly Mortgage Payment the amount currently to be paid on this mortgage on a monthly basis toward principal and interest only. Note that this is the interest rate you are being charged which is different and normally lower than the Annual Percentage Rate (APR). To also run scenarios for new payments by changing the loan term tryĬurrent Mortgage Balance the outstanding principal when calculating a current mortgage or the original amount on a new loan Interest Rate the annual nominal interest rate or stated rate on the loan. (negative extra payments to pay less) Create an amortization schedule. ![]() Use this calculator to calculate repayment of your mortgage and add extra payments to find how much it reduces the length of your loan term and the amount of interest you can save over the life of the mortgage. ![]()
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