Extra Mortgage Payments Calculator - Mortgage PrePayments : THECONDOBAR.COM

CONSIDER MAKING EXTRA PAYMENTS

Paying extra amounts on your mortgage can make a big interest saving over time. When you select a mortgage company, privilege payments options are something that should be considered. A 20% privilege payment will allow you to pay off up to $20,000 per year on a $100 000 mortgage. It is important that the privilege payment also be flexible to allow you to pay smaller payments on the mortgage and as often as you wish. An extra $1000 periodically paid on a mortgage can help you become mortgage free faster. Purchasing a condominium involves one-time costs and monthly expenses. The largest one-time cost is the down payment. It usually represents between 5 – 25% of the total price of the property. In addition to the actual purchase price, there are a number of other expenses that you might be expected to pay for.

Calculate the effects of making extra payments by completing the boxes below

1. Mortgage Term:
2. Payment Frequency:
3. Amortization Period:	Year(s) Month(s)
4. Mortgage Amount:	$
5. Interest Rate:	% (e.g. 5.75)

Calculate Payment & Balance Summary

Mortgage Payment:	Revised Amortization Period:
	Years(s)	Month(s)

Mortgage Balance Remaining After:
1 Year	2 Years	3 Years	5 Years	10 Years

Information should be verified by your lending institution.
Information for informative purposes only.

Mortgage Amount
Enter the amount of money you want to borrow.

Interest Rate
Enter the interest rate you would like to use for calculating your payment.

Amortization Period
Enter a number representing over how many years you would like to repay your mortgage. The standard is 25 years.

Mortgage Payment
The mortgage payment is the amount the borrower would finance in order to pay off the desired loan. The payment corresponds to the selected frequency.

Payment Frequency
Select how often you would like to make your mortgage payments. Number of payments per year:
Monthly: 12 (once a month).
Semi-Monthly: 24 (twice a month).
Bi-Weekly: 26 (once every two weeks).
Weekly: 52 (once a week).

Annual Prepayment
The amount of principal you are allowed to pay off every year without paying a penalty to the lender. Usually expressed as a percentage of the original mortgage balance.