North East Mortgage Group

Calculators & Tools

Mortage Qualifier Calculator
Mortgage Calculator
Rent v Buy Calculator
Mortgage Payoff Calculator
Amortization Loan Calculator
Debt Consolidator Calculator
Refinance Interest Savings Calculator
Loan Comparison Calculator
Credit Assessment Calculator
Mortgage Income Calculator

Mortgage Payoff Calculator

How much interest can you save by increasing your mortgage payment? This financial calculator helps you find out. Click the "View Report" button to see a complete amortization payment schedule, and how much you can save on your mortgage!

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Definitions

Annual interest rate (APR): The yearly cost of a mortgage, including interest, mortgage insurance, and the origination fee (point(s)), expressed as a percentage. Maximum APR is 20%.
Mortgage length (years): Total length, or term, of your original mortgage in years. Most common lengths are 30 years and 15 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.

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. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

North East Mortgage Group LLC Two Court Street Suite B Plymouth, MA 02360
Office: (508) 746-9640 Toll Free: (800) 930-9640 Fax: (508) 746-0733

We are licensed in the following states:
Massachusetts Mortgage Broker #MB3930
Connecticut First Mortgage Broker #16595 and Second Mortgage Broker #16596
Rhode Island Loan Broker #20051966LB
New Hampshire Banking Department #10758-MBR