How much interest can you save by increasing your mortgage payment? This financial calculator helps you find out. View the report to see a complete amortization payment schedule, and how much you can save on your mortgage!

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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.