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)
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!
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Information and interactive calculators are made available to you, 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 anyone’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.