Mortgage Loan Prepayment Calculator
Save money and build equity by paying off your mortgage or loan with extra payments. This calculator can help your track your saving when making regular monthly extra payments. In addition, it can calculate single extra payment reductions, such as a payment from a tax return, job or work related bonus or other cash award. This calculator determines the amount of money saved from prepayments. Prepayments applied to principal reduces the amount of interest paid during the remainder of the loan. Payments made earlier in the loan term have the most impact since interest is not compounded over the entire term. This calculator provides the following functionality: - Calculates the amount of money saved from extra payments - Allows entry directly into the amortization table - provides a summary of balance, total payments, interest and principal. - Displays graphs and charts for a visual display - Capability to store, load, open and delete user entered loan data via local storage. - Provides loan terms up to a maximum of forty years. Important: - This calculator can only be used for fixed interest and payment loans. Fixed types include most fifteen and thirty year investment property and home mortgages, cars/truck/automobile loans and student loans This software application can not be used for revolving or variable debt. This includes adjustable rate mortgages (ARMs), credit card debt and home equity lines of credit. Check your documentation or contact your bank, financial expert or servicer if you are unsure of the type of loan. - In addition, this calculator does not take into account taxes, private mortgage insurance (PMI) or home owner association fees. The items are not directly associated with the amount of principal owed. They are added to the loans payment. In addition, the amounts can change over time. - Data is never transferred over the internet. Stored date resides on your local computer, laptop or mobile device via local storage. Local storage is part of HTML5 Web Storage. Check your browser's documentation or perform a search to understand how local storage works when it can be deleted or purged.
