Mortgage Repayment Calculator (extra payments)

Mortgage w/Extra Payments
Current Mortgage Balance: $
Annual Interest Rate:   %
Current Monthly Payment: $
Monthly Extra: $
Mortgage shortened by 4 years 5 months,
savings $14,452.08 in interest,
with new payments of $1,175.00.
Mortgage Change
  Current New Change
Months 242 189 -53
  20yr 2mo 15yr 9mo -4yr 5mo
Payment $975.00 $1,175.00 $+200.00
Total
Interest
$61,183.03 $46,730.95 $-14,452.08
Actual Amortization has rounding differences

Go to New Mortgage Schedule

Calculator Use

Use this calculator to add extra to your mortgage payments and find how much it reduces the length of your loan term and the amount of interest you can save over the life of the mortgage. Works in reverse also. (negative extra payments to pay less)  Create an amortization schedule.

To also run scenarios for new payments by changing the loan term try Loan Repayment Calculator.

Current Mortgage Balance
the outstanding principal when calculating a current mortgage or the original amount on a new loan
Interest Rate
the annual nominal interest rate or stated rate on the loan. Note that this is the interest rate you are being charged which is different and normally lower than the Annual Percentage Rate (APR).
Current Monthly Mortgage Payment
the amount currently to be paid on this mortgage on a monthly basis toward principal and interest only.  DO NOT include insurance or taxes or escrow payments; these are not applied to your loan.  This value is not always easy to find but usually you can look at your last statement to find the amounts applied to principal and interest and add these 2 numbers together. (payment = principal + interest)
Monthly Extra
the extra amount you plan to add to your monthly payments on this mortgage.  This will be paid against the principal.

This calculator will provide good results but you may want to also talk to your loan provider to get a calculation from them.

Term (months) Calculation

When investigating different payment amounts you can use the following formula to calculate what your coresponding number of months on the loan will be:

\[ \Large\,n=\frac{log\left[\frac{\frac{PMT}{i}}{\frac{PMT}{i}-PV}\right]}{log(1+i)} \]

where n = number of months, PMT = monthly payment, i = monthly interest rate as a decimal (annual rate divided by 100 divided by 12), and PV = mortgage balance (present value).

 

Cite this content, page or calculator as:

Furey, Edward "Mortgage Repayment Calculator" From http://www.CalculatorSoup.com - Online Calculator Resource.

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