Mortgage Payoff Calculator (2a)

Extra Monthly Payments

Who This Calculator is For: Borrowers who want an amortization schedule,or want to know when their loan will pay off,and how much interest they will save, if they make extra voluntary payments in addition to their required monthly payment.

What This Calculator Does:This calculator provides amortization schedules formortgages, with or without additional payments. If additional payments are made,interest savings and reduction in length of loan are calculated.

NOTE: The calculator will not recognize overlapping payments of the same frequency.For example, if you want to make an extra monthly payment of $100 during months 1-9,and an extra payment of $400 for months 7-36, you enter $100 for months 1-6,$500 for months 7-9, and $400 for months 10-36.

Enter Loan Information

New Loan Amount or Existing Loan Balance (e.g. 100000)

Interest Rate (e.g. 7.50)

New Loan Term or Period Remaining on Existing Loan, in Months (e.g. 360)

Number of Monthly Payments in First Year? (1 to 12 - defaultd to 12)

Clear Loan Info

DO NOT USE DOLLAR SIGNS ($), COMMAS (,) PLUS SIGNS ( + )OR PERCENTAGE SIGNS (%) IN ANY INPUT BOXES

Enter Extra Payments

Extra Payment Intervals

MonthlyBi-MonthlyQuarterlySemi-AnnuallyAnnuallyOne Time Only

Amount of Change

Starting In Month #

Duration

Until End of LoanEnding in Month #

Ending In Month #

Add Extra Payment+

Clear Extra Pmts.

Display Extra Pmt BenefitsDisplay Loan Schedule

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