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. |
