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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!
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| Annual interest rate (APR) |
The yearly cost of a mortgage, including interest, mortgage insurance, and the origination fee (point(s)), expressed as a percentage. Maximum APR 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 (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. |
Please note that most of the financial calculators require a Java enabled browser. For best results use Internet Explorer 4.0 and higher or Netscape Navigator 4.0 and higher. 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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Equal Housing Lender. Casa Blanca Mortgage, Inc., DBA Shearsons Mortgage. Some products may not be available in all states. ©2005 Shearsons Mortgage. All rights reserved.
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