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Home Mortgage Preparation :: Pay Off Mortgage Calculator
Pay Off Mortgage Calculator: Using a Mortgage Calculator to Pay-Off a Loan
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If you're thinking of making extra payments to decrease the term of your mortgage and save on interest, you need a pay-off mortgage calculator.
By calculating your remaining mortgage payments and including your pre-payments, this type of mortgage calculator will tell you how much you can and can't save by making early payments.
For more information on quality mortgage payment calculators, keep reading to learn where you can find them and how to use them.
Bankrate.Com (http://www.bankrate.com/brm/mortgage-calculator.asp)
Bankrate.com offers visitors a mortgage calculator that's not only personalized to their area, but also offers a full pre pay-off mortgage calculator.
Their site allows you to add in additional payments each month, annual payments each year and even one-off payments to see how these would affect your mortgage term and exactly how much you could save.
For example, adding just $1000 every year to a $350,000 mortgage can shave almost 3 years off the total mortgage term on a 30-year mortgage.
Bloomberg.Com (http://www.bankrate.com/brm/mortgage-calculator.asp)
Use this pay-off mortgage calculator to create an amortization schedule based on your current mortgage. You'll quickly see exactly how much interest you pay over the term along with principal payments.
Like the Bankrate.Com calculator, the Bloomberg tool lets you see the impact of principal prepayments on your total mortgage.
The site also provides helpful definitions to help explain terms like amortization and prepayment.
US Bank (http://www.usbank.com)
This popular, nationwide bank offers a number of financing tools, including a comprehensive pay-off mortgage calculator. Their website lets you input your prepayment frequency, what payment you'll start making prepayments on and for how much.
The site then produces a graph and information table that shows you a summary of your mortgage with and without prepayments, along with the total interest savings over the course of your mortgage.
Before you start banking on the savings promised by a pay-off mortgage calculator, make sure you understand the prepayment penalty policies with your lender and on your particular lending agreement.
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