Mortgage

Mortgage payoff calculator

Calculate your payment and more

How much interest can be saved by increasing your mortgage payment? This mortgage payoff calculator helps you find out. Click the "View Report" button to see a complete amortization payment schedule.

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Mortgage

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Definitions

Annual interest rate (APR): The yearly cost of a mortgage, including interest, mortgage insurance, and the origination fee (point(s)), expressed as a percentage. Maximum APR is 20%.
Mortgage length (years): Total length, or term, of your original mortgage in years. The 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 (PI) 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.

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 regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

Compare Mortgage Rates

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Product:

30 yr fixed average
3.60%

About our rates

About this index

Mortgage Overnight Averages

Product	Rate	+/-	Last week
30 yr fixed mtg	3.60%		3.52%
15 yr fixed mtg	2.74%		2.71%
5/1 ARM	2.54%		2.57%
30 yr fixed mtg refi	3.58%		3.50%

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