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The Pay Off My Mortgage tool will show you how to $$ save thousands of dollars $$
in interest and pay off your home sooner by making an additional payment toward the principal of your mortgage. Even a small payment can make a huge difference in the amount of interest you will pay.
This tool will help you determine how soon you can pay off your mortgage and how much you will save
in interest if you pay an additional monthly amount. You can also determine what amount to pay each
month to pay off your mortgage within a given number of years or months.
Enter the amount of your mortgage, the interest rate and the number of years. The total amount you
will repay along with the total interest will be calculated. Enter the date you started paying on
your mortgage and any additional principal you have paid thus far.
Enter in the additional amount you want to pay each month towards the principal and the date you
will have your loan paid off and the amount of interest you will save will be calculated. Enter the
number of years and/or months in which you would like to have your mortgage paid off and the monthly
additional amount you will need to pay and the interest you will save will be calculated.
In this example the homeowner would save over $110,000 by paying only $250 more each month. Also he would
pay off his home 12 YEARS and 5 months earlier. Or if the homeowner wants to pay off his mortgage in
only 15 years, he can pay an additional $335 each month and save over $122,000 in interest charges.
The five Scenario buttons allow you to create multiple scenarios using different values. Each scenario
may be printed for future reference and comparison.
When you select the Print Scenarios button the following window appears:
Check the box next to each completed scenario that you want to print then select the View or Print button.
You can also select the Print Monthly Payment Schedule button to create an amortization schedule showing how each additional payment affects the total interest you are being charged and when your mortgage will be paid off:
Next: Pay Off My Debts
Click on a button above to learn more about the tool.
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Download Simple Joe's Money Tools for only $29.95 or $39.95 for download and CD (including USPS Priority shipping within the US).
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