This calculator will calculate the time and interest you will save if you prepay your mortgage by adding a prepayment amount to your current house payment.
Plus, the calculated results will include a year-by-year balance comparison chart so you can compare the year-end balances of your original mortgage terms with the year-end balances that will result from making your monthly prepayment amount.
If you would rather calculate the size of the monthly prepayment needed to pay off your mortgage within specified time frame, please visit the Early Mortgage Payoff Calculator.
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.
Or, if you don't plan to stay in your current home until the mortgage is paid off, please visit the Mortgage Savings Calculator to calculate prepayment savings for partial home loan terms.