Greater Columbia, Chapin, Irmo, Lexington and Lake Murray.

Monday, November 14, 2011

Best Mortgage Calculator

My wife and I have a 15-year mortgage.  As of this month, we have made 103 payments.   Now, we're wanting to make a few periodic payments to pay off our mortgage early (not a higher monthly payment from here on out, but probably 2 fairly large pre-payments over the next year.  How will this impact our mortgage amortization schedule?

Using the following link, this is easy to calculate with the great extra payment mortgage calculator at .  The calculator lets you determine monthly mortgage payments (basic amortization schedule), find out how your monthly, yearly, or one-time pre-payments influence the loan term and the interest paid over the life of the loan, and see complete amortization schedules.  This is really cool!

Use it and mark it as a "Favorite".  You will likely want to come back to this great amortization calculator!

Over the past 8 1/2 years we have not made any pre-payments.  But, by making my anticipated 2 large prepayments over the next year, I will save $15,499 in interest charges and pay off my loan 4 years and 2 months earlier!   Use this calculator in helping make smart financial decisions!

Mel Coker
Columbia, SC real estate
RE/MAX Metro Associates
(803) 223-6214

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