Mortgage Payoff
How much interest can you save by increasing your mortgage payment? This financial calculator helps you find out. Click the "View Report" button to see a complete amortization payment schedule and how much you can save on your mortgage.
Definitions
- Annual interest rate
- The annual interest rate used to calculate your monthly payment. Please note that this is different than an Annual Percentage Rate (APR) which includes other expenses such as mortgage insurance, and the origination fee and or point(s), which were paid when the mortgage was first originated. The APR is normally higher than the simple interest rate.
- Mortgage length (years)
- Total length, or term, of your original mortgage in years. The most common lengths are 15 years and 30 years.
- Original mortgage amount
- The original amount financed with your mortgage, not to be confused with the remaining balance or principal balance.
- Additional monthly payment
- Your proposed extra payment per month. This payment will be used to reduce your principal balance.
- Scheduled payment
- Monthly principal and interest payment (PI) based on your original mortgage amount, term and interest rate.
- Accelerated payment
- Scheduled payment plus additional monthly payment.
- Total savings
- Total amount you would save in interest if you made the accelerated payment until your mortgage was paid in full.
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These interactive calculators are not intended to provide or replace specific professional financial advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical, are for illustrative purposes only, and may differ from more in depth analysis results. They do not represent the past performance of any specific product, nor should they be viewed as a promise of future results of any product offered by Thrivent Financial for Lutherans or its affiliates. We encourage you to seek personalized analysis regarding all personal finance issues.
