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How much interest can you save by increasing your mortgage payment? This
financial calculator helps you find out. Click the "View Report" button to see
a complete amortization payment schedule, and how much you can save on your
mortgage!
Annual interest rate (APR)
The yearly cost of a mortgage, including interest, mortgage insurance, and the
origination fee (point(s)), expressed as a percentage. Maximum APR is 20%.
Mortgage length (years)
Total length, or term, of your original mortgage in years. Most common lengths
are 30 years and 15 years.
Original mortgage amount
The original amount financed with your mortgage. Not to be confused with the
remaining balance or principal balance.
Additional monthly payment
Your proposed extra payment per month. This payment will be used to reduce your
principal balance.
Scheduled payment
Monthly principal and interest payment (PI) based on your original mortgage
amount, term and interest rate.
Accelerated payment
Scheduled payment plus additional monthly payment.
Total savings
Total amount you would save in interest if you made the accelerated payment
until your mortgage was paid in full.
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