Mortgage Payoff Calculator

How much interest can you save by increasing your mortgage payment? This financial calculator helps you find out. Hit "Payment Schedule" to see a complete amortization payment schedule, and how much you can save on your mortgage!

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Definitions

• Annual interest rate: Annual interest rate. Maximum interest rate is 20%.
• Mortgage length (years): Total length, or term, of your orginal mortgage in years. Most common lengths are 30 years and 15 years.
• Original mortgage amount: The orginal 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.