Mortgage Payoff Calculator
These loans are usually five to 10 years long and expect borrowers to repay only a fraction of their debt during that time. While they're often easier to qualify for than a traditional 30-year loan, and charge lower interest rates, there's a big catch. When a balloon mortgage ends, borrowers must payoff the remaining balance, usually by refinancing or selling the home.
Mortgage Calculators
Definitions:
- Annual interest rate
- The annual interest rate used to calculate your monthly payment.Please note that this is different than an Annual Percentage Rate (APR) which includes other expenses such as mortgage insurance, and the origination fee and or point(s), which were paid when the mortgage was first originated.The APR is normally higher than the simple interest rate.
- Mortgage length (years)
- Total length, or term, of your original mortgage in years. The most common lengths are 15 years and 30 years.
- Original mortgage amount
- The original amount financed with your mortgage, not to be confused with the remaining balance or principal balance.
- Additional monthly payment
- Your proposed extra payment per month. This payment will be used to reduce your principal balance.
- Scheduled payment
- Monthly principal and interest payment (PI) based on your original mortgage amount, term and interest rate.
- Accelerated payment
- Scheduled payment plus additional monthly payment.
- Total savings
- Total amount you would save in interest if you made the accelerated payment until your mortgage was paid in full.
Mortgage
MORTGAGE
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