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Mortgage Savings Calculator to Calculate Mid-Term Prepayment Plan

Calculator Preferences
Midterm Mortgage Savings Calculator Sign
Midterm Mortgage Savings Calculator

This calculator will calculate the mid-term interest you will save if you add any number of prepayments to your future house payments, for as long as you plan on staying in your current home instead of until the home is paid off. The calculated results include a year-by-year mortgage interest savings chart. The Tips tab includes:

  • How Do Prepayments Create Mortgage Interest Savings?
  • How to Make Prepayments on Your Next Home
Learn More

Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
Orig loan:Original loan:Original loan amount:Original home loan amount:

Original home loan amount:

Enter the dollar amount of the original home loan (principal borrowed) without the dollar sign.

Rate:Interest rate:Annual interest rate:Annual interest rate:

Annual interest rate:

Enter the annual percentage rate (APR) of the home loan without the percent sign (for 6.5%, enter 6.5).

Orig years:Original years:Original term in years:Original home loan term in number of years:

Original home loan term in number of years:

Enter the original repayment term of the house loan in number of years (whole years only, i.e., no decimal point).

Pmts made:# pmts made:Number of payments made:Number of payments already made:

Number of payments already made:

Enter the number of monthly house payments you have already made. If you have not made any payments, leave blank or enter a zero.

Prepay:Monthly prepay:Monthly prepayment amount:Monthly mortgage prepayment amount:

Monthly mortgage prepayment amount:

Enter the monthly amount you can afford to add to your existing payment to prepay your mortgage, without the dollar sign.

Periods to apply prepayments:Periods to apply prepayments:Number of periods to apply prepayments:Number of periods to apply prepayments:

Number of months or years to apply prepayments:

Enter the number of months or years you will continue to add the prepayment amount to the existing payment.

Remain yrs:Remain years:Years in current home:Years you plan to stay in current home:

Number of years you plan to stay in current home:

Enter the number of years you plan to stay in your current home. The mortgage savings calculator will calculate mortgage prepayment savings for the entered number of years, or until the mortgage is paid off -- whichever is sooner.

Payoff:Current payoff:Current payoff amount:Current mortgage payoff amount:

Current mortgage payoff amount:

Based on your entries, this is how much you still owe (principal balance) on your mortgage after deducting all of the principal payments you have already made.

Crnt pmt:Current pmt:Current monthly payment:Current monthly P & I payment:

Current monthly principal and interest payment:

Based on your entries, this is the amount of your current monthly principal and interest (PI) payment. This does not include property tax or insurance payments. If this result does not closely match your actual payment, please check that you have entered the correct beginning balance, term, interest rate, and number of payments made.

New pmt:New payment:New monthly payment:New monthly principal and interest payment:

New monthly principal and interest payment:

Based on your entries, this is your current monthly payment plus the prepayment amount you entered in the top section of the mortgage savings calculator.

Int save:Interest savings:Prepayment interest savings:Interest saved by making monthly prepayment:

Interest saved by making monthly prepayment:

Based on your entries, this is how much interest you will save if you add the prepayment amount for the number of months/years you entered, and if you stay in the home for the entered number of years.

If you would like to save the current entries to the secure database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

Feedback AppreciatedFeedback Greatly AppreciatedYour Feedback Would Be Greatly AppreciatedYour Feedback Is Greatly Appreciated
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Tip

Help and Tools

Help and Tools:

This section, which you can Unstick or Hide in the Calculator Preferences (just above the top of the calculator), contains the following tabs (content too long to fit within bordered frame can be scrolled up and down):

About: Click this tab for an introduction to the calculator.

Instructions: Click this tab for step-by-step instructions for using the calculator.

Terms: Click this tab for a list of the descriptions that are located within each popup help button (info icons).

PCalc: Click this tab for a handy "pocket" calculator you can use when you need to calculate an entry needed for the calculator.

Data: Click this tab to save a set of entries or a note in between visits. Entries and notes will be stored to your web browser's local storage (if supported by your browser of choice), meaning they can only be recalled with the same device and web browser you were using when you saved them. If you'd like to save entries and notes between devices you can do so by subscribing to the Ad-Free Member Version.

 

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Adjust Calculator Width:

Move the slider to left and right to adjust the calculator width. Note that the Help and Tools panel will be hidden when the calculator is too wide to fit both on the screen. Moving the slider to the left will bring the instructions and tools panel back into view.

Also note that some calculators will reformat to accommodate the screen size as you make the calculator wider or narrower. If the calculator is narrow, columns of entry rows will be converted to a vertical entry form, whereas a wider calculator will display columns of entry rows, and the entry fields will be smaller in size ... since they will not need to be "thumb friendly".

Show/Hide Popup Keypads:

Select Show or Hide to show or hide the popup keypad icons located next to numeric entry fields. These are generally only needed for mobile devices that don't have decimal points in their numeric keypads. So if you are on a desktop, you may find the calculator to be more user-friendly and less cluttered without them.

Stick/Unstick Tools:

Select Stick or Unstick to stick or unstick the help and tools panel. Selecting "Stick" will keep the panel in view while scrolling the calculator vertically. If you find that annoying, select "Unstick" to keep the panel in a stationary position.

If the tools panel becomes "Unstuck" on its own, try clicking "Unstick" and then "Stick" to re-stick the panel.