Mortgage Payoff

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.
By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.
Mortgage repayment shortened by 3 years and 9 months
Report amortization:
Report amortization
**FIG_GRAPHTITLE** Line Graph: Please view the report to see detailed calculation results in tabular form.

Definitions

Annual interest rate

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.

Original mortgage term

Total length, or term, of your original mortgage in years. The most common lengths are 15 years and 30 years.

Years Remaining

Total number of years remaining on your original mortgage.

Original mortgage amount

The original amount financed with your mortgage, not to be confused with the remaining balance or principal balance.

Additional principal payment

Your proposed extra payment per month. This payment will be used to reduce your principal balance.

Current mortgage payment

Monthly principal and interest payment (PI) based on your original mortgage amount, term and interest rate.

Monthly accelerated payment

Scheduled payment plus Additional principal payment.

Total savings

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
Latham, NY

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.