Mortgage Length Calculator

This calculator will help you to determine your savings if you make larger monthly payments.
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Financial Analysis (Switch to Plain English)
Original Payment : $1,193.54
New Payment : $1,304.12
New Length of Loan : 25 Years 7 Months
Plain English Help (Switch to Financial Analysis)

If you start to pay more or less toward your mortgage each month than the original payment amount, you can save or add a number of years to the length of your mortgage. Even the difference of just $40 can save you a couple of years or add a couple years to the length of your payment.

If you took out a mortgage loan for $250,000.00 with a 4.000% interest rate, for example, you could expect to pay $1,193.54 per month. If you change your payment to $1,304.12, however, you will have to pay on your mortgage for 25 year(s) and 7 month(s) instead of 30 years.
DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or its applicability to your financial situation. Please consult your financial and/or tax advisor.