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Knowledge Center > Calculators

Calculators
Calculators to help you crunch the numbers
Advantages of extra mortgage payments Advantages of extra mortgage payments

Are extra mortgage payments advantageous?

This financial calculator helps you find out how much interest you can save by increasing your mortgage payment. View the report to see a complete amortization payment schedule, and how much you can save over the life of your mortgage! Please be sure to replace the default values presented here with your own values before you calculate!

This Financial Calculator requires a Browser with Java Support

Definitions

Annual interest rate:Annual interest rate. Maximum interest rate 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 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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