What is an Extra Payment Calculator?
An extra payments mortgage calculator is a financial tool that helps determine the impact that extra payments make on the principal of your loan. By making extra payments mortgage balances can be paid off much quicker, saving you a great deal of money in interest payments.
Who needs an Extra Payment Calculator?
Anyone who is interested in lowering their mortgage balance by making extra mortgage payments can use this calculator. These extra loan payments are a great way to pay off your loan principal or the end of your loan.
How does the Extra Payments Mortgage Calculator work?
By entering your loan information into the calculator extra payments will be subtracted from the end of your loan or your principle balance, giving you an idea of the amount of money you can save over the life of your loan by making these extra loan payments. Even a small number of extra mortgage payments can dramatically decrease the amount of money you will pay back on your loan. Our extra payments mortgage calculator allows you to try different scenarios in which you would make extra payments annual, monthly or even once to demonstrate how the loan balance changes.
What other financial tools are available here?
In addition to the Debt to Income Ratio Calculator above, we have created a list of helpful financial tools to assist our users in journey toward successful money management. These calculators include:
Mortgage Calculator - also known as a Mortgage Payment Calculator is a financial tool used to calculate the Estimated Mortgage Payment of a Home Loan based on Home Value, Loan Amount, Interest Rate and other variables.
Debt to Income Ratio Calculator - or Debt Calculator is a financial tool used to calculate your Debt Ratio amount using a Debt vs. Income formula.
Equity Line of Credit Calculator - an Equity Loan Calculator that you can use to determine the amount of an Equity Loan that you may qualify for based on the amount of Equity you have in your Home.
How Much Can I Afford Calculator - a tool used by people who would like to know How Much House or How Much Mortgage they can afford. Your input into the Home Calculator helps us easily determine How Much House you can afford.
Mortgage Balance Calculator - Find your Mortgage Balance quickly with our Mortgage Balance Calculator. Input your information to display Mortgage Loan Balance.
Refinance Calculator - display a clear comparison between your current loan and a Mortgage Refinance Loan based on your input.