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Elevations Credit Union, LMB 717246 - Home Page
Thursday, April 24, 2014
800.429.7626

Calculators
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Mortgage Payoff
Rent vs. Buy
Mortgage Refinance
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Calculators

Mortgage Payoff
How much interest can you save by increasing your mortgage payment? This financial calculator helps you find out. Click the Report button to see a complete amortization payment schedule, and how much you can save on your mortgage!
 
   
Original mortgage amount
Annual interest rate
Mortgage length (years)
Number of years remaining
Addtional monthly payment
   
 
   

Definitions

Annual interest rate:
Annual interest rate. Maximum interest rate is 20%.
Mortgage length (years):
Total length, or term, of your original mortgage in years. Most common lengths are 30 years and 15 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 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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