If you are considering making an overpayment and you are currently on a fixed rate, please contact us for further information. You may be charged an early breakage cost if you make overpayments while on a fixed rate mortgage. They may not take into account any daily interest rate differences that may affect your New Monthly Repayment Amount shown on the calculator. All results are approximate and are based on information provided by you. Don’t let interest payments hold you back from achieving your financial goals.This calculator is for illustrative purposes only and does not provide a precise calculation, it is only intended as a guide. Pay off up to 10 of the initial value of your mortgage each year, without penalty, in addition to your usual payments. Investing in Rocketsheets template is a small price to pay for the long-term benefits of paying off your mortgage faster. ✅Potential savings of thousands of dollars in interest and years off your mortgage payoff date. ✅Helpful charts and graphs to visually demonstrate the impact of extra payments. It exceeds the scheduled monthly amount, possibly saving you on interest and helping you to pay off your mortgage early. ✅Customizable to fit your unique financial situation. A principal-only mortgage payment, also known as an additional principal payment, is a supplementary payment applied directly to your mortgage loan principal amount. ✅Calculation of new payoff date and total interest paid based on extra payment amounts. ✅User-friendly interface for easy input of mortgage details and extra payment scenarios. To make it easier, you can time this when you get large work bonuses or tax returns. Take control of your finances and start planning for a debt-free future. To pay extra on your mortgage, you can make an additional 13th payment. □Take Control of Your Finances and Plan for a Debt-Free Future.ĭon’t waste any more time paying unnecessary interest on your mortgage. The calculator lets you determine monthly mortgage payments, 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. You can adjust your extra payment amounts, interest rate, and loan term at any time to see how it affects your payoff date and interest paid. By making additional monthly payments you will be able to repay your loan much more quickly. Plus, it’s fully customizable to your unique financial situation. Using this spreadsheet can help you save thousands of dollars in interest and pay off your mortgage years earlier than you originally planned. Combining both strategies can make an even bigger. Should I Pay Off My Mortgage Just because you can pay off your mortgage early doesn’t. Additionally, the term of the mortgage can be drastically reduced by making extra payments or a lump sum. Benefits of Making Extra Mortgage Payments Saving on interest: Extra payments less in overall interest you pay on the whole life of the loan. □Save Thousands of Dollars and Pay off Sooner. The key to paying off your mortgage early is by applying extra payments to the principal. You can see how much money you’ll save in interest over time and how much sooner you’ll be able to pay off your mortgage. Our template also includes helpful charts and graphs to visually demonstrate the impact of your extra payments. □Visualize Impact with Charts and Graphs. The spreadsheet takes into account your current mortgage balance, interest rate, loan term, and extra payment amounts to calculate your new payoff date and total interest paid. With a user-friendly interface, this spreadsheet makes it easy to input your mortgage details and experiment with different extra payment scenarios. □User-friendly Interface for Easy Input and Experimentation This powerful spreadsheet allows you to easily calculate and track the impact of extra mortgage payments on your total interest paid and your payoff date. Looking to pay off your mortgage faster? The Mortgage Extra Payment Spreadsheet is the perfect tool for you. Maximize Your Mortgage Payments with Our Extra Payment Spreadsheet
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