Not planning to stay in your current home until the mortgage is paid off?
Want to be able to afford a nicer next home?
If you answered "Yes" to both of those questions, then you've come to the right place.
This mid-term extra payment saving calculator will calculate the interest you will save if you add a prepayment amount to any number of your future mortgage payments.
In turn, you can then use the additional equity and prepayment interest savings to purchase a nicer next home!
Only Applicable Savings Makes Sense
As pointed out by the insightful visitor who requested the mortgage savings calculator, if you only plan to stay in your current home for 8-10 years, then it doesn't make much sense to calculate prepayment savings over the life of the home loan.
So, unlike most mortgage prepayment calculators, this specific mortgage prepayment calculator is designed to calculate prepayment savings based on the number of years you plan to stay in your current home.
Other Interest-Saving Prepayment Calculators
If you would like to calculate the prepayment savings from now until the mortgage is completely paid off, please use the Prepay Mortgage Calculator instead -- which includes a list of things you should consider before prepaying your mortgage.
Or, if you would like to calculate the savings for a combination of one-time, monthly, and annual prepayments, please visit the Extra Payment Mortgage Calculator.