Do you know how much you can finally save by simply increasing the amount you pay for the mortgages? This calculator will let you know exactly the same. An increase in payment can reduce the terms for full payoff and save your valuable money. The attached graph will illustrate the amount saved year-by-year.
Original mortgage amount
This is the value of the mortgage when entered into the contract.
Annual rate of interest on this mortgage.
The duration to payoff the loan. This is the time (in year) it will take you to fully repay the loan. Normally mortgage loans are paid over 20 to 25 years.
This indicates how frequently you want to make payments. There are six options to choose from: weekly, bi-weekly, semi-monthly, monthly, yearly, and one time. Bi-weekly payments are considered as the most accelerated way to save money.
The actual time (in year) left on the mortgage contract.
The total amount of money you will pay in addition to original amortization. This reduces the term length of repaying the mortgage loan.
Additional payment frequency
The frequency of additional payment or prepayment.
You will choose the way you want the data to be displayed. You can see the summarized data by year or by month.
Current mortgage payment
Total of principal and interest currently paid on each period.
Total scheduled payments
Assuming you make no prepayments, this is the total monthly payments you will make up to the end.
Total accelerated payments
Assuming you make no prepayments, this is the total interest paid till the end of repayment.
The amount you can save by accelerating mortgage payments.