What If I Pay Extra Each Month?
This calculator will help you determine how your future mortgage payments will change if you make an extra mortgage payment each month.
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This calculator will help you understand how your future mortgage payments will change if you make an extra payment each month. Paying extra each month results in faster amortization of the loan and leads to interest savings.
The results from that calculator estimate the reduction in time to repay the loan and the interest savings from paying extra each month. It also estimates the maturity date of the two loan options.
Typically if your loan-to-value (LTV) [?] is more than 80%, the lenders will require that you obtain private mortgage insurance (PMI) [?], however this calculator does not account for PMI. The reason is that today many lenders offer alternatives programs like 80:10:10 [?] or 80:20 [?] which do not require you to pay PMI.
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