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Mortgage Payoff Financial Calculator
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!
Definitions
- 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. 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.
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Sue Larson,
Mortgage Consultant
Contact Info:
Direct Office: (952) 906-2429
Personal FAX: (952) 975-5962
Mobile: (612) 791-5608
Email: suelarson@edinarealty.com
Chanhassen Office
2655 W. 78th Street
Chanhassen, MN 55317
Main Office: (952) 934-5000
Office FAX: (952) 934-0105
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Serving
Chanhassen • Chaska • Victoria • Waconia • St. Bonifacius 