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!
|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. The 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.|