Mortgage Prepayment Calculator

Change these fields as desired:
Mortgage Prepayment Calculator
This form allows you to see how prepaying your mortgage reduces the length of your mortgage by putting in the current values for your loan. If you know your current principal balance and principal/interest payment, enter then in fields A1 and A2. Otherwise enter the three values for your loan in B1, B2 and B3. (Original Loan Amount, Month of First Payment, Length of Loan).

Choose the Option:
Option A:
A1. Current Balance (if known)
A2. Current Principal and Interest Monthly Payment
Option B:
B1. Original Principal Balance (otherwise)
B2. Month of First Payment (otherwise)
B3. Length of Mortgage (Years)
Fill out the following table for EITHER case:
Current Annual Interest Rate
Additional Monthly Pre-Payment (Enter B here to do a biweekly conversion from here.)
Increase Monthly Payment each year by (%)
Show Table

Month	(Year)	Balance	Payment	Interest	Principal Paid

Your loan will terminate in months ( years)

NOTE: Make sure prepaying is really the best alternative for you! Check the prepayment versus investing comparison for more info. And for goodness sakes, pay off all your high interest credit cards and car loans before even considering prepaying your mortgage. It doesn't make much sense to pay down a 8% deductible mortgage when you are paying 18% on your credit card balance!

Information and interactive calculators are made available to you, a financial advisor, as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to client’s individual circumstances. All examples are hypothetical and are for illustrative purposes. Related to tax implications, property purchase and sale prices, and loan terms clients need to seek personalized advice from qualified real estate and tax professionals.

Mortgage Prepayment Calculator

Option A:

Option B:

Fill out the following table for EITHER case:

Your Monthly Payment (excl. Tax & Insur.) is

Since your first payment was in /, you have made payments, so your balance (/) has changed from to

Starting with at % and a payment of

Using a biweekly schedule means two extra principal payments a year of

Starting with at % and a payment of

Paying an extra a month (/month total) means:

Each year the Monthly Payment will increase by %

Your loan will terminate in months ( years)