Calculators

Real estate

Mortgage payoff

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

Original mortgage amount

The original amount financed with your mortgage. Not to be confused with the remaining balance or principal balance.

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.

Accelerated payment

Scheduled payment plus additional monthly payment.

Additional monthly payment

Your proposed extra payment per month. This payment will be used to reduce your principal balance.