This Australian Mortgage Payoff Calculator will assist you to determine the amount of money you can save by increasing your periodic mortgage payment. Your increased amount of repayment decreases the term length over which you pay the loan and thus save a significant amount of money. Considering the current mortgage plan and your planned prepayment, this calculator will describe the amount of payment accelerated and saved.
Annual interest rate
The annually rate of interest charged on this loan. This rate is useful to work out the monthly payments. The annual interest rate should not be confused with annual percentage rate which is much higher than this rate. The APR is higher because it includes origination fees and mortgage insurance premiums.
Original mortgage term
Number of years over which you will repay the loan according to the original amortization schedule. This will vary from 1 year to 30 years.
As per the original mortgage contract, it is the number of remaining years.
Original mortgage amount
The amount of dollar financed by the original mortgage.
Additional monthly payment
The additional money you are planning to add to your current monthly payments.
Current mortgage payment
The total amount of money paid as monthly principal and interest on the original mortgage amount.
Monthly accelerated payment
Originally scheduled monthly payment plus your planned additional monthly payment.
Amount of dollar you can save by making monthly accelerated payments to fully pay off the mortgage loan.