Additional Payment Calculator
Use this additional payment calculator to determine the payment or loan amount for different payment frequencies. Make payments weekly, biweekly, semimonthly, monthly, bimonthly, quarterly or annually. Then examine the principal balances by payment, total of all payments made, and total interest paid.
Calculators provided by Bankrate.com
Mortgage repayment shortened by 3 years and 9 months
| Mortgage payoff inputs: Press spacebar to hide inputs | Total savings $20,806 |
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Mortgage payoff result summary:
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| Mortgage Balances and Interest press spacebar to hide graph |
Definitions
- 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.
- Original mortgage term
- Total length, or term, of your original mortgage in years. The most common lengths are 15 years and 30 years.
- Years Remaining
- Total number of years remaining on your original mortgage.
- Original mortgage amount
- The original amount financed with your mortgage, not to be confused with the remaining balance or principal balance.
- Additional principle payment
- Your proposed extra payment per month. This payment will be used to reduce your principal balance.
- Current mortgage payment
- Monthly principal and interest payment (PI) based on your original mortgage amount, term and interest rate.
- Monthly accelerated payment
- Scheduled payment plus additional principle payment.
- Total savings
- Total amount you would save in interest if you made the accelerated payment until your mortgage was paid in full.