Mortgage Payoff Calculator

How much interest can you save by increasing your mortgage payment? This financial calculator helps you find out. View the report to see a complete amortization payment schedule, and how much you can save on your mortgage!

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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.

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Real Estate Terms and Definitions

 

Mark Ganier - Realtec Group, Inc.
4175 Woodlands Pkwy 
Palm Harbor, FL 34685-3530 
Office: (727) 789-5555 
Cellular: (727) 403-5611 
Pager: (727) 403-5611 
Fax: (727) 785-7000
Toll Free: (800) 258-7653
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