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4064 Colony Rd Ste 100
Charlotte, NC 28211
  • Phone:
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  • Fax:
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  • E-mail address: mkalajian@janney.com
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Helping people where their lives and their money intersect.

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Printed from: www.matthewkalajian.com
  • Janney Montgomery Scott LLC
  • 4064 Colony Rd Ste 100, Charlotte, NC 28211
  • 704-367-9700 | mkalajian@janney.com

Mortgage Acceleration

How Soon Could You Pay Off Your Mortgage?

If you have a variable rate loan, you could use either the current rate you are paying, an average over the course of the loan to date, or the highest or lowest rate you have paid to date.

Paying just a little extra on your mortgage each month can have a dramatic effect on the time it takes you to pay off your mortgage and the amount of interest you pay over the life of the loan. This calculator is designed to show you how much time and money — over the life of the loan — you could save by paying an additional amount in your mortgage payment each month.

Making an additional principal payment of $100 to $200 per month to your usual payment could take years off the length of your loan and potentially save you thousands of dollars in interest.

Your Results

The results below show the time and money you would save by accelerating your mortgage payments. Other popular payment options you could consider to reduce the time and cost of your mortgage loan include making biweekly payments or making one additional payment each year. All of these strategies can help you save money and time without incurring the expense of refinancing. Keep in mind that not all mortgages have a prepayment feature so you should consult with the holder of your mortgage for the specifics of your situation.

The original face value of your loan: $0.00
Additional amount you are adding to your monthly payment: $0.00
By making this extra payment, you will save the following amount of interest: $0
Also, your home will be paid off this many years early: 0

The graph below shows the difference between paying your mortgage with the minimum required payments vs. adding the additional amount you specified to your mortgage payment each month. The more you can manage to pay each month, the faster you'll pay off your mortgage and the less interest you'll pay.

Accelerated Mortgage Projection

 

This hypothetical example is used for illustrative purposes only. Actual results will vary.

The information in this calculator is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.

This material was written and prepared by Emerald Connect, LLC.
© 2019 Emerald Connect, LLC. All Rights Reserved.

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Contact Us

4064 Colony Rd Ste 100
Charlotte, NC 28211
  • Phone:
    704-367-9700
  • Fax:
    704-367-9778
  • E-mail address: mkalajian@janney.com

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