Quicker payments can reduce the term length and save interest expenses. Use this calculator to see changes in monthly scheduled payment and total interest payment resulting from an increased or decreased mortgage payoff.
Annual interest rate
The simple interest rate (not the APR) that is applicable annually on the mortgage. Normally, this rate of interest is higher than the current rate of simple interest.
Original mortgage term
Actual term length of the mortgage when the contract was initiated.
Remaining term length (in year) on the original mortgage.