| As you are probably well aware, paying more than | | | | - How Many Years Remaining on the Loan |
| your minimum monthly mortgage payment every | | | | - Interest Rate |
| month is the best way to pay your loan off faster and | | | | - The Amount You are to Pay Extra |
| save you a lot of money on interest. The more you | | | | As an example, if the initial loan amount was 200,000 |
| pay, the more you save. The early mortgage payoff | | | | dollars and the term of the loan was thirty years, with |
| calculator is a tremendous tool that you can use to | | | | 15 years remaining, an interest rate of 6.25%, and you |
| figure out exactly what payment you feel best about | | | | were to pay $100 extra every month, you would save |
| making on your mortgage every month. | | | | $10,179 in interest and you would pay your loan off 1 |
| How Does it Work? | | | | year and 9 months early. |
| All you need to do is fill in a few fields with your | | | | Keep in mind, the early mortgage payoff calculator will |
| specific information, then click calculate or send, | | | | assume that your loan is fixed, or the interest rate is |
| (depending on the calculator you are using), and it will | | | | fixed and will not change. If you have a variable rate, |
| tell you how much money you will save on interest and | | | | the calculator will not be accurate. Also keep in mind, |
| how early you will pay off your loan. | | | | figuring out the numbers is only half the battle. To see |
| You will need to fill out the following info: | | | | the financial benefits you are trying to achieve, you |
| - Initial Amount of Loan | | | | actually have to pay the extra amount every month! |
| - The Loan Term | | | | |