This calculator can be used to compute how much faster you could pay off your mortgage if you decided to increase the amount of your monthly payments. Paying off your mortgage sooner will allow you to save on your total interest charges. Be sure to check your mortgage for any Prepayment Penalty and its terms before paying any additional amounts.
The default entries provided in the calculator show a $250,000 mortgage at 4.75% interest for 30 years. The original monthly payment is $1,304.12; however, if you increased your monthly payments by $200 to $1,504.12 the length of your loan would be shortened from 30 years to 22 years and 8 months.
To use the calculator, enter the following information:
Loan Information: Amount (of mortgage), Interest Rate and Length (in years).
Considered Monthly Payment: amount of current Monthly Payment plus any additional amount.
The calculator will compute the following information:
New Length of Loan
The calculator can also produce a PDF output file for download, and you can click the check box to view the Schedule Table for the time frame selected. The Schedule Table fields include: Number (of payment month), Interest, Principal, and Balance. It also shows totals for every field after each year of the mortgage.