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!
|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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IMPORTANT CONSUMER INFORMATION
(1) A broker-dealer,
investment advisor, BD agent or IA rep may only transact business
in a particular state after licensure or satisfying qualifications
requirements of that state, or only if they are excluded or exempted
from the state's broker-dealer, investment advisor, BD agent or
IA rep requirements, as the case may be; and
(2) Follow-up, individualized responses to consumers in a particular state by broker-dealer, investment advisor, BD agent or IA rep that involve either the effecting or attempting to effect transactions in securities or the rendering of personalized investment advice for compensation, as the case may be, shall not be made without first complying with the state's broker-dealer, investment advisor, BD agent or IA rep requirements, or pursuant to an applicable state exemption or exclusion. (3) For information concerning the licensure status or disciplinary history of a broker-dealer, investment advisor, BD agent or IA rep, a consumer should contact his or her state securities law administrator.