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Mortgage Payoff

This helps you determine how much interest you can save by increasing your mortgage repayments. It also determines the number of years it will take you to pay off your mortgage and the dollar savings on your mortgage.

By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.



Financial Calculators from
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Definitions

Annual interest rate

The annual interest rate used to calculate your monthly payment. Please note that this is different than an Annual Percentage Rate (APR) which includes other expenses such as mortgage insurance, and the origination fee and or point(s), which were paid when the mortgage was first originated. The APR is normally higher than the simple interest rate.

Original mortgage term

Total length, or term, of your original mortgage in years. The most common lengths are 15 years and 30 years.

Year Remaining

Total number of years remaining on your original mortgage.

Original mortgage amount

The original amount financed with your mortgage, not to be confused with the remaining balance or principal balance.

Additional monthly payment

Your proposed extra payment per month. This payment will be used to reduce your principal balance.

Current mortgage payment

Monthly principal and interest payment (PI) based on your original mortgage amount, term and interest rate.

Monthly accelerated payment

Scheduled payment plus additional monthly payment.

Total savings

Total amount you would save in interest if you made the accelerated payment until your mortgage was paid in full.

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    Content on this website is general in nature and is not a recommendation, opinion or guidance to any individuals in relation to acquiring or disposing of a financial product. Readers should not rely on this content and should always seek specific financial advice appropriate to their own individual circumstances.

    Mary O’Brien

    New Zealand Financial Adviser
    Financial Services Provider Register No. 43497

    Professional Investments Limited New Zealand
    Financial Services Provider No. 768358

    Trading as New Zealand Mortgage Solutions Limited New Zealand

    Trading as New Zealand Mortgage Solutions Australia

    ABN 42 154 883 672

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