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.
Mortgage payoff inputs:Press spacebar to hide inputs | Total savings $0 |
Mortgage payoff result summary:
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Mortgage Balances and Interestpress spacebar to hide graph |
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.
Total length, or term, of your original mortgage in years. The most common lengths are 15 years and 30 years.
Total number of years remaining on your original mortgage.
The original amount financed with your mortgage, not to be confused with the remaining balance or principal balance.
Your proposed extra payment per month. This payment will be used to reduce your principal balance.
Monthly principal and interest payment (PI) based on your original mortgage amount, term and interest rate.
Scheduled payment plus additional monthly payment.
Total amount you would save in interest if you made the accelerated payment until your mortgage was paid in full.
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