What if I Pay More Every Month?

This calculator is similar the Mortgage Length Calculator; however, it takes only the additional payment you plan to make and computes your total savings along with the amount of time your repayment term is reduced by making those additional 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.

To use the calculator, enter the following information:

Loan Information: Amount (of mortgage), Interest Rate and Length (in years).
Additional Payment: Additional monthly payment you plan to make.

The calculator will compute the following information:

Monthly Payment
Total Monthly Payments
Updated Length of loan
Time Saved

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.

Input Information
Loan Information
Amount : ($)
Interest Rate : (%)
Length : (Years)
Additional Payment
Additional Payment : ($)
 Let Me Print That Form in PDF!

Financial Analysis
  Standard Additional Payment
Monthly Payment : $1,304.12 $1,354.12
Total Monthly Payments : $469,477.46 $449,810.33
Interest Savings : $19,667.13
Length : 30 Yrs 0 Mts 27 Yrs 9 Mts
Time Saved : 2 Yrs 3 Mts
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