With this calculator you can compare the difference between two payment amounts on the life of your mortgage. While its obvious that paying more will decrease the length of time it will take to pay off your mortgage, many people don’t realize the massive savings in both time and interest that can be had by paying even a small amount extra each month. This calculator will show you just what those savings can add up to.Instructions:
- In the Balance field, enter the current amount of your loan.
- In the Minimum Payment field, enter the smaller of the two payment amounts you wish to compare.
- In the Maximum Payment field, enter the larger of the two payment amounts you wish to compare.
- In the Annual Percentage Rate field, enter the Annual Percentage Rate of your loan. If you’re not sure what this is, enter your loan’s interest rate. [What is Annual Percentage Rate and how will it affect this calculation?]
- Click the Submit button.
- Watch the magic happen.
Subscribe
