Mortgage calculator with multiple prepayment options

Shows you the interest savings for extra mortgage payments made on a one-time, reoccurring weekly, monthly, quarterly, or annual basis. If you would rather calculate the size of the monthly prepayment needed to pay off your mortgage within specified time frame, please visit the Early Mortgage Payoff Calculator.

Or, if you are only interested in making monthly prepayments, please visit the Prepay Mortgage Calculator. Finally, if you would like to change the extra payment amount after so many payments, please try using the Loan Affordability Calculator , which allows up to 8 different extra-payment modifications. If you have other credit balances that have a higher rate of interest than your house loan, you will save more time and money if you pay off the higher-interest credit balances first, and then redirect those higher-interest debt payments to paying off your mortgage.

Or, if your employer matches all or part of your K contributions, you might come out ahead by contributing the extra payments to your K instead. So be sure to run your plans past a qualified financial planner one who will not be earning commissions from your investments, and who is not trying to sell you life insurance before starting your extra payment mortgage plan. Also be sure to check with your home lender to make sure you can make extra payments on your mortgage without penalty.

Believe it or not there are lending institutions out there that will penalize you for attempting to reduce the massive bonuses they pay to the top executives -- despite the fact that they will still make a great deal of money on your house loan.

Here's a pet peeve of mine. During the early s, lending institutions borrowed too much money to people who had not proven themselves to be credit-worthy, all for the purpose of getting as rich as legally possible on the backs of hard working men and women. In a nutshell, this ultimately caused the financial dominoes to start falling that eventually led to the economic collapse of -- which put many of those hard working men and women out of work and out of their homes.

And what happened to those that managed to keep their jobs and stay in their homes? They were saddled with having to foot the bill for bailing out the failing financial institutions that were responsible for the financial meltdown in the first place. And what did those financial institutions do with a large chunk of their bailout money?

They used it to pay outrageous bonuses to the same top executives whose idiotic decisions put millions of Americans out of their jobs and homes.

Does that make you mad? Mad enough to do something about it? If so, then here's idea on how to get back some of your tax dollars that ended up in the pockets of lending institution executives. Every dollar you add to paying off your debt early is like reaching into the pocket of one those overpaid executives and taking back a portion of the money you worked so hard to earn.

Their pockets are teaming with money that was originally meant to support your family's future financial well-being -- but instead is being used to build lavish tennis courts and swimming pools in backyards of their second and third mansions. The extra payment mortgage calculator on this page will show you that even foregoing small, non-essential purchases for the purpose of making extra payments on your debts preferably your higher-interest debt first, then on your house loan can take thousands of dollars of your money back from the executives whose ruthless quest for wealth nearly bankrupted your country let's hope "nearly" remains true.

Consider this savings as your rightful share of the Bailout money that was misappropriated to executive bonus checks. Calculate Mortgage Payoff With Extra Payments Instructions: Check either the "Original Terms" or the "Current Payoff Amount" radio button.

If "Original Terms" is checked, enter the original home loan amount, the annual percentage rate APR , and the original home loan term in years, and then select the month and year of the first payment. If "Current Payoff Amount" is checked, enter the current mortgage payoff amount, the annual percentage rate APR , and the current monthly payment amount, and then select the month and year of the next payment.

Next enter one or more extra payment options weekly, monthly, quarterly, annually, or one-time. Choose whether or not you want to include the revised amortization schedule in the results, and then click the "Calculate Mortgage Extra Payment Savings" button. To print the report, click the "Printer Friendly Report" button that will appear in the summary results.

This will open the report in a printer friendly window. Mouse over the blue question marks for a further explanation of each entry field. More in-depth explanations can be found in the glossary of terms located beneath the Extra Payment Mortgage Calculator.

Watch the Video Tour to see what you're missing! JavaScript is turned off.

You will need to enable it to use this javascript-based calculator. Please try disabling Ad Block for this page, as it may be blocking the code that runs the calculator. Chances are, if the calculator is not working at all, you may be missing out on other content on the web due to an outdated or non-conforming web browser. All calculators have been tested to work with the latest Chrome, Firefox, and Safari web browsers all are free to download.

I gave up trying to support other web browsers because they seem to thumb their noses at widely accepted standards.

This field should already be filled in if you are using a newer web browser with javascript turned on. If the calculator is not working for you, this information will help me to find and fix the problem. Extra Payment Mortgage Calculator Glossary of Terms. Mortgage entries will be based on: If you've been making regular scheduled payments, choose Original Terms. Otherwise, if you've already been making extra or unscheduled payments, choose Current Payoff Amount.

The first four rows will change when you switch between Original and Current terms. Original home loan amount: The dollar amount of the original home loan principal borrowed. The annual percentage rate APR of the home loan.

Original loan term in number of years: The original repayment term of the home loan in number of years. Date of first mortgage payment: Select the month and year of your first mortgage payment. If this is an existing mortgage the extra payment mortgage calculator will assume that a payment has not been made for the current month, so the current month will be used as the start of the amortization schedule.

Enter the current principal balance of your mortgage current payoff. Current annual interest rate: Enter the current annual percentage rate APR of the house loan. Enter as a percentage for. Enter the current monthly principal and interest payment amount. Be sure not to include the portion of the payment that may be designated for property taxes and insurance.

Month and year of next mortgage payment: Select the month and year of your next mortgage payment. Extra payment to add on a weekly basis: If you would like to add an extra payment on a reoccurring weekly basis, enter the weekly amount on this line. If no weekly extra payments are desired, leave blank or enter a zero. Note that weekly extra payments are applied in a lump sum each month based on how many weeks are in the month e.

Extra payment to add on a monthly basis: If you would like to add an extra payment on a reoccurring monthly basis, enter the monthly amount on this line. If no monthly extra payments are desired, leave blank or enter a zero.

Extra payment to add on a quarterly basis: If you would like to add an extra payment on a reoccurring quarterly basis, enter the quarterly amount on this line.

Note that quarterly payments will be allocated in the months of March, June, September, and December. If no quarterly extra payments are desired, leave blank or enter a zero. If you would like to add an extra payment on a reoccurring annual basis, select the month of the year you plan to make the extra payment and then enter the annual amount on this line.

If no annual extra payments are desired, leave blank or enter a zero. If you would like to add an extra payment on a one-time, non-reoccurring basis, select the month and year of the one-time extra payment and then enter the amount on this line. If no one-time extra payment is desired, leave blank or enter a zero. Current monthly principal and interest payment: This is the amount of your current monthly principal and interest PI mortgage payment.

Best Mortgage Rates HELOC - Compare Today's Current HELOC Rates - %

This does not include property tax or insurance payments. This is how many payments you have made from your first payment through last month. If the current month is the same as the first payment date you selected, the number of payments made should be zero.

Current mortgage payoff amount: This is how much you still owe principal balance on your home loan after deducting all of the principal payments you have already made. If the current month is the same as the first payment date you selected, the current payoff amount should be the same as the original loan amount.

This row shows the number of payments remaining on your loan and the amount of interest you will end up paying if you make no extra payments. This row shows the number of payments remaining on your loan and the amount of interest you will end up paying if you do make the extra payments as entered into the top section of the extra payment mortgage calculator.

This row shows the time months and interest you could save if you do make the extra payments as entered into the top section of the extra payment mortgage calculator. Learn more to save and earn more: Calculator to compare credit card interest rates.

Retirement savings calculator - how much to meet income goal? Car refinance calculator - who's saving money, you or the lender? In return for your vote of confidence I promise to continue working hard to earn your return visits. Follow me on any of the social media sites below and be among the first to get a sneak peek at the newest and coolest calculators that are being added or updated each month. Who knows if I will show up in your next search.

This will insure you'll always know what I've been up to and where you can find me!

Financial Calculator | Free Online Calculators from belucydyret.web.fc2.com

Dan Peterson , Free-Online-Calculator-Use. Free Online Financial Calculators: Other Free Online Calculators: Home What's New Contact About Disclaimer Privacy Policy Site Map Site Search Site Ad Policies. Accelerate your debt payoff and stop borrowing renting money from them! Please grade my work and help me improve: Check Out My Other Super Financial Mortgage Calculators To Help You To Calculate Your ReloadFromP', , false, ['banger.

Calculator to compare credit card interest rates Retirement savings calculator - how much to meet income goal?

Ad-Free Member Version Benefits. Top Ten Home Money Calculators. Net Paycheck Hourly to Salary Overtime Pay Extra Mtg Payment Salary to Hourly Pay Raise Sales Tax Percent Off Snowball Payoff Car Buying Newest: Monthly What's New Email Update!

Original Terms Current Payoff Amount. Original home loan term in number of years:. Month and year of first mortgage payment:. Month and year of next mortgage payment:. Show Amortization Schedule Hide Amortization Schedule.

Current monthly principal and interest payment:. Current mortgage payoff amount:. Please note that all fields preceded by a red asterisk must be filled in.

A , please tell me what I would need to do to the calculator to get an A.

Mortgage-backed security - Wikipedia

D - Poor, did not provide me with the solution I was hoping for. F - Fail, didn't work, inaccurate, should cost less than "free". Please tell me what you entered so I can track down and fix the problem. Have a question about the calculator? Enter it below and be sure to include your first name and a valid email address.

Please click the button one time only , it may take a moment to submit.