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A title for these calculator
results that will help you identify it if you have printed out several
versions of the calculator.
The name of your potential lender. This field is not required but may help if you have printed out several loan scenarios.
The amount you owe on your mortgage or loan.
The annual percentage rate you are paying for this loan.
The principal and interest portion of each monthly payment. This may
not be the amount you write a check for each month. Depending on the
type of loan, your actual payment may include other amounts for escrow,
private mortgage insurance (PMI), fees, or property taxes.
The additional amount you will pay each month (over the required
'Monthly Payment' amount) to pay down the principal on your loan.
If you pay additional principal each month your loan or mortgage will
be paid earlier than scheduled and you will pay less in interest
charges.
The payoff time and interest charges if you pay no additional principal each month.
'Early Payoff' compared to 'Without Early Payoff' saves you this much time and money.
Amount of time until the loan is paid off.
The required 'Monthly Payment' plus any 'Additional Principal' you want
to pay each month. The 'Early Payoff' calculations assume you will pay
this amount of principal and interest each month from now on until the
loan or morgage is paid. Actual payment could include other amounts such
as escrow for insurance and property taxes, private mortgage insurance
(PMI), fees, and dues.
The remaining total amount of interest you will pay over 'Payoff Time'.
The remaining total amount of principal + interest you will pay over 'Payoff Time'.
The number of payments you will make to pay off the loan.
The amount of money you will pay each year for this loan.
When checked, a section will appear below the calculator showing the complete amortization table.
Monthly Payment + Additional Principal $489.41 = $423.96 + $65.45
3 Yrs 6 Mths = (Previous Number of Monthly Payments + 1 each month until Balance = 0) / 12 [to convert to years and months]
$3,242.77 = Previous Month's Total Interest + (Month's Beginning Balance * (Rate / 12)) each month until Balance = 0
Loan Balance + Total Interest $20,554.89 = $17,312.12 + $3,242.77
Total Paid / Payment Amount [rounded up to a full payment] 42 = $20,554.89 / $489.41
Monthly Payment * 12 $5,872.92 = $489.41 * 12
4 Yrs 2 Mths = (Previous Number of Monthly Payments + 1 each month until Balance = 0) / 12 [to convert to years and months]
$3,885.71 = Previous Month's Total Interest + (Month's Beginning Balance * (Rate / 12)) each month until Balance = 0
Loan Balance + Total Interest $21,197.83 = $17,312.12 + $3,885.71
Total Paid / Payment Amount [rounded up to a full payment] 50 = $21,197.83 / $423.96
Monthly Payment * 12 $5,087.52 = $423.96 * 12
Without Early Payoff Time - Early Payoff Time 8 Mths = 4 Yrs 2 Mths - 3 Yrs 6 Mths
Without Early Total Interest - Early Total Interest $642.94 = $3,885.71 - $3,242.77
Without Early Total Paid - Early Total Paid $642.94 = $21,197.83 - $20,554.89
Without Early Remaining Payments - Early Remaining Payments 8 = 50 - 42
Without Early Annual Cost - Early Annual Cost $-785.40 = $5,087.52 - $5,872.92
