Understanding Our Calculator
Our free advanced mortgage calculator can help make the process of paying off your mortgage early as easy as can be. It will help you understand what factors will affect your mortgage payment so that you can feel comfortable making larger payments.
Using our calculator could not be easier. You simply need to input your information into each section of the calculator, and press the Calculate Now button. It is as simple as that!
You will need to input the following information when using the mortgage calculator:
- The amount of the mortgage in the proper denomination
- The interest rate
- The loan term
- The start date of the loan
Once you hit Calculate Now, you will get a very detailed table of information that will show you exactly how much money you can save by making larger mortgage payments. These graphs and detailed charts will provide you with plenty of information that you will ever need to know about your mortgage.
How We Help
A home purchase is one of life's biggest financial transactions, so it is very important that you can get a clear estimate on how much your mortgage is going to affect your budget. There are a variety of things to consider if you are contemplating paying down the mortgage early. The amount of your loan, the interest rate, the loan term, and the start date are some of the main factors that you will need to consider when deciding how much more you need to pay monthly in order to reduce your debt more quickly. Unless you specialize in calculating interest figures, our free advanced mortgage calculator is one of the best tools you will ever have when it comes to dealing with home loan information.
When it comes to paying off your mortgage early, we know it can be confusing on where to begin. This is where we can help. We provide a handy calculator that will help you fully evaluate all of your financial options. In addition to our calculator, you will find pages of absolutely free mortgage advice prepared by a qualified team of experts to help you understand the different mortgages available to you.
Frequently Asked Questions
What does the advanced calculator do?
This free tool is used to estimate how much it will cost to pay your mortgage off sooner with a shorter schedule. It shows you the factors that affect your mortgage payment if you make larger payments.
How should I use it?
This calculator is simple to use. You will need to enter all the required information and press "Calculate Now". You will be able to see how your extra payment will affect the overall cost of your loan.
How are the larger payments calculated?
The larger payments are simply calculated by how much more you can afford to spend on your mortgage each month. If you have a budget set up, you will be able to see how much more you can pay after expenses, savings, and retirement.
What are the interest rates based on?
Your interest rate is determined by your credit, debt-to-income ratio, income, and your lender.
How do I save money on my mortgage?
There are a number of ways to save money on your mortgage. You can refinance for a lower interest rate or pay it off faster. You can also pay your mortgage off sooner than scheduled. Paying your mortgage off early will help you save thousands of dollars in interest over the life of the loan.
How do I decrease my mortgage term?
In order to decrease your mortgage term, you will need to refinance your loan to a shorter term. You will have to apply for this and go through the closing process a second time.
What happens after the final payment?
Once you have made your final mortgage payment, your home is officially yours. You will receive the deed and can begin to save your mortgage payment for use for other needs.
