This web page gives an insight into how to save substantial sums of money. Let us assume that some time ago you had signed up for a home mortgage.
Obviously you had taken the utmost care to get the best terms available at that time.
However, as time goes by many people realize that they have fallen into a trap.
They are not happy with the endless financial commitment they have locked themselves into.
This raises an intriguing question. Can anything be done to wiggle out of such a financial quagmire?
One alternative is to increase your monthly payment which will result in a dramatic reduction in the duration of the mortgage.
If you send in more money than your scheduled payment, most lenders will apply the excess amount to your principal without levying any penalties.
But do check with your lending company and always monitor your statements to confirm that this is happening.
Now, the Mortgage Payoff Calculator web page helps you quantify the benefits you will reap by increasing your monthly mortgage payment.
There are two sets of data columns on this page. The left side allows you to enter the original principal, the interest
and the period of your mortgage. Enter these three numbers and then you can calculate and display the monthly payment.
Check to ensure that this conforms with your current figures.
You can also print out a schedule of payments. This is your original reference.
In the right hand column there is a provision to enter an additional amount which you would like to pay per month.
Also there is a place to enter the number of payments you have already made on your mortgage. After entering these push
the calculate button on the Mortgage Payoff Calculator.
This will display remaining number of payments to payoff the mortgage. The savings in total interest is also displayed.
There is a provision to print the revised schedule showing details of each payment made from the first to the last.
This is wonderful information to verify that things are going on track.
Monitoring these religiously, you will ensure that you are realizing the savings owed to you.
Please be aware that there may be other options available to you. Only you can determine if this option is appropriate for you.
Please investigate thoroughly for any detriments associated with it.
This web page cannot give financial advice. The information provided here is free. It is intended for informational purposes only.
Mortgage Payoff Calculator is a web page under MortgageCalculatorOne.com.
Mortgage Payoff Calculator is a user-friendly online tool which will help you greatly if you are interested in paying off your
mortgage early. Using this calculator you can quantify the reduction in the term of your mortgage if you increase your monthly payment.
The results can be displayed on the screen as well as printed out for later consultation.
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