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 Mortgage-X.com .  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!

http://mortgage-x.com/calculators/extra_payment_calculator.asp

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