We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. All examples are hypothetical and are for illustrative purposes. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. *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. Total amount of interest you will save by prepaying your mortgage. This total interest amount assumes that there are no prepayments of principal.
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Total of all interest paid over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal. Total of all monthly payments over the full term of the mortgage. Your principal and interest payment (PI) per period. Monthly will show every payment for the entire term. Annually will summarize payments and balances by year. The options are weekly, bi-weekly, semi-monthly, monthly, yearly and one-time payment.Ĭhoose how the report will display your payment schedule. This amount will be applied to the mortgage principal balance, based on the selected additional payment frequency. Total number of years remaining on your original mortgage.Īmount that will be prepaid on your mortgage. Just like the accelerated weekly payments you are in effect paying an additional monthly payment per year. The accelerated bi-weekly payment is calculated by dividing your monthly payment by two. The effect can save you thousands in interest and take years off of your mortgage. This additional amount accelerates your loan payoff by going directly against your loan's principal. Since you pay 52 weekly payments, by the end of a year you have paid the equivalent of one extra monthly payment. We calculate an accelerated weekly payment, for example, by taking your normal monthly payment and dividing it by four. Monthly will have 12 payments per year, weekly 52, bi-weekly 26 and bi monthly 24.Īccelerated weekly and accelerated bi-weekly payment options are calculated by taking a monthly payment schedule and assuming only four weeks in a month. The payment type determines the frequency of payments. The most common mortgage amortization periods are 20 years and 25 years. The number of years over which you will repay this loan. The original amount financed with your mortgage, do not confused this with the remaining balance or principal balance.
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