PrePayment Savings Calculator
Did you know that there is the potential to save money over the life of your mortgage by making prepayments? What is a prepayment? A prepayment could mean making an additional payment on your mortgage (for example paying twice in one month). Additionally, a prepayment could be considered to be paying off your entire mortgage early. This usually happens when a home is sold or refinanced. In the case of the former, making an additional payment could shorten the amount of time it takes to pay your mortgage. This mortgage calculator provides a breakdown of the length of time a mortgage is reduced and the interest savings associated with $X increase in the monthly or yearly mortgage payment. The output also provides an amortization calculator and table which breaks down the additional principle and interest that is paid down during each period. Please note that if you plan to make a prepayment, it is important to review your current mortgage documents to ensure there are no prepayment penalties. If you need any assistance interpreting the results of this mortgage calculator, please call one of our Mortgage Loan Officers at 800-724-0004./p>
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