Want to save on hundreds of dollars and pay off your mortgage early? One of the many ways to do that is to add a few extra dollars to your monthly amortization. AMC has a What If I Pay More calculator that can help you take out the guesswork to know how many more months you need to pay your mortgage fully.
Our calculator will help you see how much you can save, and how many years will be deducted from the life of your amortization by just inputting the details that the calculator needs to know to compute the numbers your need to know.
Don’t worry as using the mortgage loan payoff calculator is not complicated at all. Just put in the loan amount, interest rates, loan term, and how much the additional principal payment you are willing to put in, and you will know the savings in time and money you will get.
As you know, in the earlier days of your loan mortgage, a big chunk of your repayment goes to your interest rate and a small amount for your principal loan repayment. So when you use the Mortgage loan payoff calculator, make sure that you indicate that you will put in your repayment to the principal amount. Remember that the amount you pay for your interest rates is dependent on how much your principal balance is. So if you say that your additional payments will be made against your principal, you save money when paying off your loan’s interest.
Remember that a little goes a long way. Imagine, even if you add $100 additional payment to your principal payment, you can tens of thousands of dollars in the long run. If you want to know more about accelerated payments and our mortgage loan payoff calculator, let us know, and we’d guide you
to get the most benefit out of your current financial situation.