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.
(You need to download and install Java for these to work properly, if you haven’t already)
Annual interest rate
The annual interest rate used to calculate your monthly payment. Please note that this is different than an Annual Percentage Rate (APR) which includes other expenses such as mortgage insurance, and the origination fee and or point(s), which were paid when the mortgage was first originated. The APR is normally higher than the simple interest rate.
Mortgage length (years)
Total length, or term, of your original mortgage in years. The most common lengths are 15 years and 30 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.