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A title for these calculator
results that will help you identify it if you have printed out several
versions of the calculator.
The name of your potential lender.
This field is not required but may help if you have printed out several
loan scenarios.
The amount you owe on your
mortgage or loan.
The amount of principal +
interest you are currently required to pay each month toward this loan.
The annual percentage rate you
will pay for this loan.
Enter the desired number of
years and/or months when the balance should be paid.
If you pay additional
principal each month your loan or mortgage will be paid earlier than
scheduled and you will pay less in interest charges.
The payoff time and
interest charges if you pay no additional principal each month.
'Early Payoff' compared to
'Without Early Payoff' saves you this much time and money.
The additional amount you will
pay each month (over the required 'Monthly Payment' amount) to pay down
the principal on your loan.
Total monthly principal and
interest payment required to pay the mortgage by the requested 'Payoff
Time'. Actual payment could include other amounts such as escrow for
insurance and property taxes, private mortgage insurance (PMI), fees,
and dues.
The remaining total amount of
interest you will pay over 'Payoff Time'.
The remaining total amount
of principal + interest you will pay over 'Payoff Time'.
Amount of time until the loan
is paid off.
The number of payments you will
make to pay off the loan.
The amount of money you will
pay each year for this loan.
When checked, a section will
appear below the calculator showing the complete amortization table.
Total Monthly Payment - Monthly
Payment
$222.69 = $1,077.05 - $854.36
$222.69 = $1,077.05 - $854.36
LoanAmount * (Rate / 12) / (1 -
(1 + (Rate / 12))-Months)
$1,077.05 = $130,645.35 * (0.0600 / 12) / (1 - (1 + (0.0600 / 12))-187)
$1,077.05 = $130,645.35 * (0.0600 / 12) / (1 - (1 + (0.0600 / 12))-187)
$854.36
Without Early Payoff Monthly
Payment - Early Payoff Monthly Payment
$-222.69 = $854.36 - $1,077.05
$-222.69 = $854.36 - $1,077.05
$70,761.76 = Previous
Month's Total Interest + (Month's Beginning Balance * (Rate / 12)) each
month until Balance = 0
$117,118.61 = Previous
Month's Total Interest + (Month's Beginning Balance * (Rate / 12)) each
month until Balance = 0
Without Early Payoff Total
Interest - Early Payoff Total Interest
$46,356.85 = $117,118.61 - $70,761.76
$46,356.85 = $117,118.61 - $70,761.76
Mortgage Balance + Total
Interest
$201,407.11 = $130,645.35 + $70,761.76
$201,407.11 = $130,645.35 + $70,761.76
Mortgage Balance + Total Interest
$247,763.96 = $130,645.35 + $117,118.61
$247,763.96 = $130,645.35 + $117,118.61
Without Early Payoff Total
Paid - Early Payoff Total Paid
$46,356.85 = $247,763.96 - $201,407.11
$46,356.85 = $247,763.96 - $201,407.11
15 Yrs 7 Mths =
(Previous Number of Monthly Payments + 1 each month until Balance = 0) /
12 [to convert to years and months]
24 Yrs 2 Mths =
(Previous Number of Monthly Payments + 1 each month until Balance = 0) /
12 [to convert to years and months]
Without Early Payoff Payoff
Time - Early Payoff Time
8 Yrs 7 Mths = 24 Yrs 2 Mths - 15 Yrs 7 Mths
8 Yrs 7 Mths = 24 Yrs 2 Mths - 15 Yrs 7 Mths
187 = Previous Number
of Monthly Payments + 1 each month until Balance = 0
290 = Previous Number of
Monthly Payments + 1 each month until Balance = 0
Without Early Payoff Number of
Payments - Early Payoff Number of Payments
103 = 290 - 187
103 = 290 - 187
Monthly Payment * 12
$12,924.60 = $1,077.05 * 12
$12,924.60 = $1,077.05 * 12
Monthly Payment * 12
$10,252.32 = $854.36 * 12
$10,252.32 = $854.36 * 12
Without Early Payoff Annual
Cost - Early Payoff Annual Cost
$-2,672.28 = $10,252.32 - $12,924.60
$-2,672.28 = $10,252.32 - $12,924.60