Online Mortgage Calculator with Extra Payments
This **online mortgage calculator with extra payments** is the perfect tool to evaluate how making additional payments or switching to bi-weekly payments can significantly save you interest and shorten your overall mortgage term.
Scenario 1: If you know the remaining loan term
Use this calculator if you have a recent mortgage statement and know the original loan details as well as the remaining term. This is ideal for evaluating extra payments on existing loans.
Payoff in 19 years and 8 months
The remaining balance is $282,109.91. By making extra principal payments of $200.00 per month starting now, the loan will be paid off in 19 years and 8 months. This is 5 years and 4 months earlier. This results in savings of $54,345.20 in interest.
| Interest savings $54,345 |
Time savings 5 years and 4 months |
|---|---|
|
Original: $356,804
With payoff: $302,459
Pay 15% less on interest
|
Original: 25 yrs
With payoff: 19 yrs, 8 mos
Payoff 21% faster
|
| Original | With Payoff | |
|---|---|---|
| Monthly Payment | $1,896.20 | $2,096.20 |
| Total Payments | $568,859.91 | $514,514.71 |
| Total Interest Paid | $356,804.70 | $302,459.50 |
| Remaining Payments | 25 yrs | 19 yrs, 8 mos |