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Mortgage calculators / Additional payment calculator
Additional Payment ImpactYou can save money and cut years off your loan by increasing your monthly mortgage payment and paying more frequently than your regularly scheduled amount. This calculator tells you how much you can you save by allowing you to run various scenarios? You may choose to send in additional money each month to accelerate the pace at which you'll pay off your mortgage. Payoff EARLY TIPIf you send in an extra payment via USPS mail, please make sure you indicate that the extra money should be applied to the PRINCIPLE on your loan. When shopping for a new home, consider a 15 year or even a 20 year loan instead of a 30 year loan. The monthly payments average about 30% more per month depending on your interest rate, but you'll own your home in half the time! Fill in the boxes below, including the amount of the additional payment and the number of times you will make that increased payment each year. |