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Mortgage Prepayment Calculator (2c)

Extra Monthly Payments to Pay Off in Specified Period

Who This Calculator is For: Borrowers who want to know how much extra
they must pay, above their required monthly payment,
to pay off their loan within a specified period.

What This Calculator Does: This calculator shows the additional amount
that must be paid on fixed-rate mortgages, above the required
monthly payment, to pay off a loan within a specified period. It also
displays the amortization schedule and the interest savings

 
 
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)
  Loan Amortization Schedule to Start in:
Enter Months to Payoff & Payment Frequency
  Number of Months From Now You Want the Loan to be Paid Off  (e.g. 120) 
  Frequency of Extra Payments
  First Extra Payment to Occur in Month Number (e.g. 6)

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

If you have not made any extra payments on your loan, this is the original term less the number of monthly payments that have been made. If you have made any extra payments, you can find the period remaining by clicking here and entering your current balance, rate, and monthly payment. Make sure the payment is principal and interest only. (hover over yellow icon to make this pop-up disappear) On old loans, the period remaining equals the original term less the number of monthly payments you have made, provided you have not made any prepayments. If you have made prepayments, go to calculator 7a, enter the payment and derive the current term.