# Extra Payment Mortgage Calculator: Making Additional Home Loan Payments #calculate #mortgage #payment

#cnn mortgage calculator

#

When it comes to a home mortgage loan, you can actually pay off the loan much more quickly and save a great deal of money by simply paying a little extra each month.

If you take out a 30 year loan for \$250,000.00 with a 5.000% interest rate, for example, your monthly payment (interest and principal only) will be \$1,342.05. By the time the 30 year time period is complete, you will have paid \$483,133.89 for your home.

If you pay just \$50.00 more each month, you will pay only \$461,835.60 toward your home. This is a savings of \$21,298.29. In addition, you will get the loan paid off 2 Years 4 Months sooner than if you paid only your regular monthly payment.

When you sign on for a 30-year mortgage, you know you’re in it for the long haul. You might not even think about trying to pay off your mortgage early. After all, what’s the point? Unless you’re doubling up on your payments every month, you aren’t going to make a significant impact on your bottom line right? You’ll still be paying off your loan for decades right?

Not necessarily. Even making small extra payments over time can shave years off your loan and save you thousands of dollars in interest, depending on the terms of your loan.

### Early Loan Repayment: A Little Goes a Long Way

One of the most common ways that people pay extra toward their mortgages is to make bi-weekly mortgage payments. Payments are made every two weeks, not just twice a month, which results in an extra mortgage payment each year. There are 26 bi-weekly periods in the year, but making only two payments a month would result in 24 payments.

Instead of paying twice a week, you can achieve the same results by adding 1/12th of your mortgage payment to your monthly payment. Over the course of the year, you will have paid the additional month. Doing so can shave four to eight years off the life of your loan, as well as tens of thousands of dollars in interest.

However, you don’t have to pay that much to make an impact. Even paying \$20 or \$50 extra each month can help you to pay down your mortgage faster. For example, if you have a 30-year \$250,000 mortgage with a 5 percent interest rate, you will pay \$1,342.05 each month in principal and interest alone. You will pay \$233,133.89 in interest over the course of the loan. If you pay an additional \$50 per month, you will save \$21,298.29 in interest over the life of the loan and pay off your loan two years and four months sooner than you would have.

You can also make one-time payments toward your principal with your yearly bonus from work, tax refunds, investment dividends or insurance payments. Any extra payment you make to your principal can help you reduce your interest payments and shorten the life of your loan.

### Considerations for Extra Payments

Paying off your mortgage early isn’t always a no-brainer. Though it can help many people save thousands of dollars, it’s not always the best way to maximize savings.

Compare your potential savings to your other debts. For example, if you have credit card debt at 20 percent or more, it makes more sense to pay it off before putting any extra money toward your mortgage that has only a 5 percent interest rate. Also consider what other investments you can make with the money that might give you a higher return. If you can make more with an investment, you can make a bigger financial impact than paying off your mortgage.

Paying extra toward your mortgage may not make sense if you aren’t planning to stay in your home for more than a few years. You won’t pay down your equity fast enough to make it worth your while if you are planning to move in less than five to 10 years. You should also carefully evaluate the trends in your local housing market before you pay extra toward your mortgage.

### Calculating Your Mortgage Overpayment Savings

Use the above mortgage over-payment calculator to determine your potential savings by making extra payments toward your mortgage. Put in any amount that you want, from \$10 to \$1,000, to find out what you can save over the life of your loan. The results can help you weigh your financial options to see if paying down your mortgage will have the most benefits or if you should focus your efforts on other investment options.

## Money Saving Tip

How much money could you save? Lock in low rates today

# Extra Payment Mortgage Calculator: Making Additional Home Loan Payments #mortgage #calculation #formula

#cnn mortgage calculator

#

When it comes to a home mortgage loan, you can actually pay off the loan much more quickly and save a great deal of money by simply paying a little extra each month.

If you take out a 30 year loan for \$250,000.00 with a 5.000% interest rate, for example, your monthly payment (interest and principal only) will be \$1,342.05. By the time the 30 year time period is complete, you will have paid \$483,133.89 for your home.

If you pay just \$50.00 more each month, you will pay only \$461,835.60 toward your home. This is a savings of \$21,298.29. In addition, you will get the loan paid off 2 Years 4 Months sooner than if you paid only your regular monthly payment.

When you sign on for a 30-year mortgage, you know you’re in it for the long haul. You might not even think about trying to pay off your mortgage early. After all, what’s the point? Unless you’re doubling up on your payments every month, you aren’t going to make a significant impact on your bottom line right? You’ll still be paying off your loan for decades right?

Not necessarily. Even making small extra payments over time can shave years off your loan and save you thousands of dollars in interest, depending on the terms of your loan.

### Early Loan Repayment: A Little Goes a Long Way

One of the most common ways that people pay extra toward their mortgages is to make bi-weekly mortgage payments. Payments are made every two weeks, not just twice a month, which results in an extra mortgage payment each year. There are 26 bi-weekly periods in the year, but making only two payments a month would result in 24 payments.

Instead of paying twice a week, you can achieve the same results by adding 1/12th of your mortgage payment to your monthly payment. Over the course of the year, you will have paid the additional month. Doing so can shave four to eight years off the life of your loan, as well as tens of thousands of dollars in interest.

However, you don’t have to pay that much to make an impact. Even paying \$20 or \$50 extra each month can help you to pay down your mortgage faster. For example, if you have a 30-year \$250,000 mortgage with a 5 percent interest rate, you will pay \$1,342.05 each month in principal and interest alone. You will pay \$233,133.89 in interest over the course of the loan. If you pay an additional \$50 per month, you will save \$21,298.29 in interest over the life of the loan and pay off your loan two years and four months sooner than you would have.

You can also make one-time payments toward your principal with your yearly bonus from work, tax refunds, investment dividends or insurance payments. Any extra payment you make to your principal can help you reduce your interest payments and shorten the life of your loan.

### Considerations for Extra Payments

Paying off your mortgage early isn’t always a no-brainer. Though it can help many people save thousands of dollars, it’s not always the best way to maximize savings.

Compare your potential savings to your other debts. For example, if you have credit card debt at 20 percent or more, it makes more sense to pay it off before putting any extra money toward your mortgage that has only a 5 percent interest rate. Also consider what other investments you can make with the money that might give you a higher return. If you can make more with an investment, you can make a bigger financial impact than paying off your mortgage.

Paying extra toward your mortgage may not make sense if you aren’t planning to stay in your home for more than a few years. You won’t pay down your equity fast enough to make it worth your while if you are planning to move in less than five to 10 years. You should also carefully evaluate the trends in your local housing market before you pay extra toward your mortgage.

### Calculating Your Mortgage Overpayment Savings

Use the above mortgage over-payment calculator to determine your potential savings by making extra payments toward your mortgage. Put in any amount that you want, from \$10 to \$1,000, to find out what you can save over the life of your loan. The results can help you weigh your financial options to see if paying down your mortgage will have the most benefits or if you should focus your efforts on other investment options.

## Money Saving Tip

How much money could you save? Lock in low rates today

# Extra Mortgage Repayment Calculator – Mortgage Choice #mortgage #lender

#mortgage payment calculators

#

# Extra home loan repayments calculator

## Crunch your numbers on the go

The Mortgage Choice Home Loan Helper App is your own pocket sized loan calculator – free from the Apple and Google Play stores.

## How extra home loan repayments could save you time and money

By making additional mortgage repayments . you could save yourself interest and reduce the length of your home loan. The more money that you owe, the more interest you’re paying, so if your loan allows you to make extra repayments and you can afford to pay a little more, this could be a smart option for you.

By entering your current mortgage status including loan amount, interest rate and frequency of repayments, you can calculate the impact that extra monthly repayments will have on the length of your loan and the total amount repaid on your mortgage. The earlier in your mortgage’s life that you begin making extra repayments, the more money and time off your loan you may save. Even small amounts of \$50 extra a month can make a significant difference to the total amount paid at the end of your loan.

It’s always valuable to talk to your mortgage broker when looking to make additional repayments, as some fixed rate home loans will not allow you to do this without incurring an additional fee. Your broker will check if you are able to make extra repayments or if there is a limitation on how much you can repay throughout the loan. Contact Mortgage Choice today to explore your options and see if you could save.

### Talk to a Mortgage Choice expert

Established in 1992 by brothers Rod and Peter Higgins, Mortgage Choice was founded with the aim to help Australians improve their financial situation by offering a choice of home loan providers, coupled with the expert advice of a mortgage professional.

Since that time, we have grown and developed into a fully fledged financial services provider, and our founding principle remains very much at the heart of what we do.

Over 20 years of industry experience has taught us that you want advice you can trust and understand, from experts who have your best interest at heart. We now have the ability to deliver this across various financial products, including home loans, financial planning, car loans, personal loans, commercial loans, asset finance, deposit bonds, as well as risk and general insurance.

The information provided in this website is for general education purposes only and does not constitute specialist advice. It should not be relied upon for the purposes of entering into any legal or financial commitments. Specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy.

*Note: the home loan with the lowest current interest rate is not necessarily the most suitable for your circumstances, you may not qualify for that particular product, and not all products are available in all states and territories.

#The comparison rate provided is based on a loan amount of \$150,000 and a term of 25 years. Warning: This Comparison Rate applies only to the example or examples given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan.

# Mortgage Payoff Calculator: Extra Monthly Payments to Pay Off in a Specified Period – Mortgage Professor #home #mortgage #loan #rates

#prepayment mortgage calculator

#

# Mortgage Payoff 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

Guiding borrowers to the right decisions
Protecting borrowers from mortgage predators

## Then Shop With the Professor and Get His 5 Levels of Protection

1. Receive His Help in Finding the Type of Mortgage That Best Meets Your Needs
2. Shop Prices Posted Directly by His Certified Lenders
4. Shop Prices That Are Always Current AND
5. Get Him as Your Ombudsman Just in Case

# Extra Payment Mortgage Calculator: Making Additional Home Loan Payments #chattel #mortgage

#cnn mortgage calculator

#

When it comes to a home mortgage loan, you can actually pay off the loan much more quickly and save a great deal of money by simply paying a little extra each month.

If you take out a 30 year loan for \$250,000.00 with a 5.000% interest rate, for example, your monthly payment (interest and principal only) will be \$1,342.05. By the time the 30 year time period is complete, you will have paid \$483,133.89 for your home.

If you pay just \$50.00 more each month, you will pay only \$461,835.60 toward your home. This is a savings of \$21,298.29. In addition, you will get the loan paid off 2 Years 4 Months sooner than if you paid only your regular monthly payment.

When you sign on for a 30-year mortgage, you know you’re in it for the long haul. You might not even think about trying to pay off your mortgage early. After all, what’s the point? Unless you’re doubling up on your payments every month, you aren’t going to make a significant impact on your bottom line right? You’ll still be paying off your loan for decades right?

Not necessarily. Even making small extra payments over time can shave years off your loan and save you thousands of dollars in interest, depending on the terms of your loan.

### Early Loan Repayment: A Little Goes a Long Way

One of the most common ways that people pay extra toward their mortgages is to make bi-weekly mortgage payments. Payments are made every two weeks, not just twice a month, which results in an extra mortgage payment each year. There are 26 bi-weekly periods in the year, but making only two payments a month would result in 24 payments.

Instead of paying twice a week, you can achieve the same results by adding 1/12th of your mortgage payment to your monthly payment. Over the course of the year, you will have paid the additional month. Doing so can shave four to eight years off the life of your loan, as well as tens of thousands of dollars in interest.

However, you don’t have to pay that much to make an impact. Even paying \$20 or \$50 extra each month can help you to pay down your mortgage faster. For example, if you have a 30-year \$250,000 mortgage with a 5 percent interest rate, you will pay \$1,342.05 each month in principal and interest alone. You will pay \$233,133.89 in interest over the course of the loan. If you pay an additional \$50 per month, you will save \$21,298.29 in interest over the life of the loan and pay off your loan two years and four months sooner than you would have.

You can also make one-time payments toward your principal with your yearly bonus from work, tax refunds, investment dividends or insurance payments. Any extra payment you make to your principal can help you reduce your interest payments and shorten the life of your loan.

### Considerations for Extra Payments

Paying off your mortgage early isn’t always a no-brainer. Though it can help many people save thousands of dollars, it’s not always the best way to maximize savings.

Compare your potential savings to your other debts. For example, if you have credit card debt at 20 percent or more, it makes more sense to pay it off before putting any extra money toward your mortgage that has only a 5 percent interest rate. Also consider what other investments you can make with the money that might give you a higher return. If you can make more with an investment, you can make a bigger financial impact than paying off your mortgage.

Paying extra toward your mortgage may not make sense if you aren’t planning to stay in your home for more than a few years. You won’t pay down your equity fast enough to make it worth your while if you are planning to move in less than five to 10 years. You should also carefully evaluate the trends in your local housing market before you pay extra toward your mortgage.

### Calculating Your Mortgage Overpayment Savings

Use the above mortgage over-payment calculator to determine your potential savings by making extra payments toward your mortgage. Put in any amount that you want, from \$10 to \$1,000, to find out what you can save over the life of your loan. The results can help you weigh your financial options to see if paying down your mortgage will have the most benefits or if you should focus your efforts on other investment options.

## Money Saving Tip

How much money could you save? Lock in low rates today

# Extra Payments Calculator – Chase Mortgage #mortgagecalculator.com

#payment calculator home

#

Please enter a valid 5-digit Zip Code.

We were not able to find the Zip Code you enter. Please check the Zip Code to make sure it was entered correctly.

Product offerings and features may differ among geographic locations. With your ZIP code, we can make sure you see accurate information.

# Mortgage Payoff Calculator: Extra Monthly Payments #car #mortgage #calculator

#prepayment mortgage calculator

#

# Extra Monthly Payments

#### 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)

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

# Extra Payments Calculator – Chase Mortgage #mortgage #calcultor

#payment calculator home

#

Please enter a valid 5-digit Zip Code.

We were not able to find the Zip Code you enter. Please check the Zip Code to make sure it was entered correctly.

Product offerings and features may differ among geographic locations. With your ZIP code, we can make sure you see accurate information.

# Mortgage Payoff Calculator: Extra Monthly Payments to Pay Off in a Specified Period – Mortgage Professor #bank #america #mortgage

#prepayment mortgage calculator

#

# Mortgage Payoff 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

Guiding borrowers to the right decisions
Protecting borrowers from mortgage predators

## Then Shop With the Professor and Get His 5 Levels of Protection

1. Receive His Help in Finding the Type of Mortgage That Best Meets Your Needs
2. Shop Prices Posted Directly by His Certified Lenders
4. Shop Prices That Are Always Current AND
5. Get Him as Your Ombudsman Just in Case

# Mortgage Payoff Calculator: Extra Monthly Payments to Pay Off in a Specified Period – Mortgage Professor #mortgage #caculator

#prepayment mortgage calculator

#

# Mortgage Payoff 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

Guiding borrowers to the right decisions
Protecting borrowers from mortgage predators

## Then Shop With the Professor and Get His 5 Levels of Protection

1. Receive His Help in Finding the Type of Mortgage That Best Meets Your Needs
2. Shop Prices Posted Directly by His Certified Lenders