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MORTGAGE CALCULATOR EXTRA PAYMENT PRINCIPAL PLUS

Interest rate: An interest rate is the cost you are charged for borrowing money.

When taking out any loan, it’s important to understand these four factors: Common types of unsecured loans include credit cards and student loans. Unsecured loans don’t require collateral, though failure to pay them may result in a poor credit score or the borrower being sent to a collections agency. In exchange, the rates and terms are usually more competitive than for unsecured loans. Common examples of secured loans include mortgages and auto loans, which enable the lender to foreclose on your property in the event of non-payment. Remaining Payments: The number of payments you will make to pay off the loan.Īnnual Cost: The amount of money you will pay each year for this loan.Secured loans require an asset as collateral while unsecured loans do not. Total Paid: The remaining total amount of principal + interest you will pay over ‘Payoff Time’. Total Interest: The remaining total amount of interest you will pay over ‘Payoff Time’. Payoff Time: Amount of time until the loan is paid off. Savings (column): ‘Early Payoff’ compared to ‘Without Early Payoff’ saves you this much time and money. Without Early Payoff (column): The payoff time and interest charges if you pay no additional principal each month. Actual payment could include other amounts such as escrow for insurance and property taxes, private mortgage insurance (PMI), fees, and dues.Įarly Payoff (column): If you pay additional principal each month your loan or mortgage will be paid earlier than scheduled and you will pay less in interest charges. The ‘Early Payoff’ calculations assume you will pay this amount of principal and interest each month from now on until the loan or morgage is paid.

MORTGAGE CALCULATOR EXTRA PAYMENT PRINCIPAL PLUS

New Monthly Payment: The required ‘Monthly Payment’ plus any ‘Additional Principal’ you want to pay each month. Depending on the type of loan, your actual payment may include other amounts for escrow, private mortgage insurance (PMI), fees, or property taxes.Īdditional Principal: The additional amount you will pay each month (over the required ‘Monthly Payment’ amount) to pay down the principal on your loan. This may not be the amount you write a check for each month. Monthly Payment: The principal and interest portion of each monthly payment. Interest Rate: The annual percentage rate you are paying for this loan. Loan Balance: The amount you owe on your mortgage or loan. This field is not required but may help if you have printed out several loan scenarios. Lender: The name of your potential lender. Title: A title for these calculator results that will help you identify it if you have printed out several versions of the calculator. The Early Loan Payoff Calculator is another loan payoff calculator that will help you figure out how much extra to pay each month to pay down the loan by a desired years or months. You can save a lot of interest if you pay down the loan early.This extra payment calculator is designed to tell you how much interest and time you’ll save if you know how much extra you can pay each month.

An additional $50, or even $25 extra principal each month may make a surprising difference. You don’t have to pay a lot of extra each month to make a significant difference in your loan payoff time. One of the most common ways to pay down a loan early is to pay additional principal each month. (Thanks user Jeff for noticing and pointing that out!)Ī Good ‘Pay Down Loan’ Strategy is to Pay Extra Principal Every Month Accurate data to begin with gives an accurate answer. This one is smart enough to take that into consideration and use only your current balance, loan rate and payment amount.

If you have, your balance will not match and your answer will not be accurate. They assume you have not made any additional payments to your principal. Almost every other loan pay off calculator out there uses initial loan amount, rate, date and term of loan.

If you want to pay down a loan ahead of schedule by adding a fixed amount to each payment, this extra payment calculator will show you how much quicker you’ll reach loan pay off time and how much money you’ll save. How will my existing mortgage be affected if I make extra mortgage payments to pay down the mortgage?