Additional Monthly Payments

What Impact Would Additional Monthly Payments Make?	Get a Free Mortgage Quote from a Mortgage Professional

Do you want to shorten your payoff period and save interest, but aren�t sure how much you need to add each month to make a significant difference? Test out numerous options for prepaying a loan using this calculator. Just enter the original loan amount, the stated yearly interest rate, the original term of the loan, the number of months or years in the original loan terms and the number you�ve already paid. The last step is to add the amount you plan to pay in addition and press process.

$	(numbers only)	Enter the original amount of the loan, numbers only (no commas,etc.).
	%	Enter the stated yearly interest rate on the original loan.
	(numbers only)	Enter the term of the original loan in
	(numbers only)	Enter the number of you have already been paying on this loan.
$	(numbers only)	Enter the additional amount you would pay each month to accelerate the loan. (Note: To duplicate a "biweekly" payment schedule on a mortgage, take your monthly payment and divide by 12 and enter that amount. "Biweekly" payment schedule is essentially equivalent to making one extra payment per year towards principal.)