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Mortgage Payoff CalculatorHow 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!
Definitions
- 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.
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GROCO welcomes the
RON BOYER ACCOUNTANCY
Corporation, its talented staff
and wonderful clients.
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Find out what the experts are saying about our firm.
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Get the scoop on what's new at GROCO.
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Protecting your family's welfare is a sacred trust.
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Discover why many successful high networth individuals put their trust in GROCO®.
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39159 Paseo Padre
Pkwy, Suite 315
Fremont, CA 94538
510.797.8661
510.797.1791 (Fax) | |
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