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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!
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. |
information and interactive
calculators are made available to you as self-help tools for your
independent use. We can not and do not guarantee their accuracy or
their applicability to your circumstances. We encourage you to seek
personalized advice from qualified professionals regarding all personal
finance issues.
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