Additional mortgage payment calculator
Our calculator will determine your interest savings and loan pay-off time. Then, select 12 times for the number of additional payments per year category in the calculator. To input biweekly payments into the Homesite mortgage calculator, you will put your monthly mortgage payment in the “Additional payment amount” input. Biweekly payments include making half your mortgage payment every two weeks, which will add an extra month's payment to each calendar year, having the potential to take years off of your loan's principal. However, biweekly payments can help you shave off your loan's principal consistently. When paying on a mortgage loan, loan providers require monthly payments. Two different payment scenarios for additional mortgage payments include: 1. With our mortgage calculator, we are ready to help you understand your savings, regardless of when they occur. Calculating and Tracking Additional Mortgage PaymentsĪdditional irregular payments are a common way for many to pay down their loan's principal, but they can be challenging to track. Regardless of payment strategy, keeping track of what you've paid and ensuring your additional mortgage payments align with your overall financial goals are great ways to make the most out of your loan payments. Tips and Strategies for Effective Extra Paymentsĭifferent payment strategies work for different people when making additional loan payments. Total Interest Savings: The amount of money you save in interest by paying your mortgage off sooner than what the original loan term entailed.Time Saved: The amount of years and months you won’t make mortgage payments due to the additional mortgage payments.Balance Schedule: A table that lists each regular payment and extra mortgage payments over time.Start Date of Additional Payment: This is the month and year of your mortgage that you start(ed) making the additional mortgage payments.Number of Additional Payments: The number of additional payments per year is how frequently you will make the additional payment each year remaining in your mortgage.Additional Payment Amount: The additional payment amount is how much you can put toward your mortgage on top of your monthly mortgage payments.Start Date of Mortgage: The start date of the mortgage is simply the month and year you began making mortgage payments on your home loan.Loan Term: The loan term is how long it will take for you to repay the mortgage.Annual Interest Rate: The annual interest rate is the interest charged on top of your principal payments of your home loan.Note that the loan amount does not include the down payment. Loan Amount: The original loan amount you took to purchase your home.