|Mortgage payoff inputs:|
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Total savings $20,806
|Mortgage payoff result summary:|
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|Mortgage Balances and Interest|
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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.
Total length, or term, of your original mortgage in years. The most common lengths are 15 years and 30 years.
Total number of years remaining on your original mortgage.
The original amount financed with your mortgage, not to be confused with the remaining balance or principal balance.
Your proposed extra payment per month. This payment will be used to reduce your principal balance.
Monthly principal and interest payment (PI) based on your original mortgage amount, term and interest rate.
Scheduled payment plus Additional principal payment.
Total amount you would save in interest if you made the accelerated payment until your mortgage was paid in full.
Sunmark Federal Credit Union
1187 Troy Schenectady Road