#MORTGAGE CALCULATOR REDUCTION PAYMENT HOW TO#

Be sure to check with your lender to verify there are no prepayment penalties. This is the amount you’ll apply to your loan principal. Decide how much your extra payment amount will be. You can increase your extra payment amount or frequency as your finances improve. Decide between making monthly contributions or a single lump sum payment. This is different from your annual percentage rate (APR), which includes additional loan expenses, like mortgage insurance and discount points. List your current mortgage interest rate. The most common mortgage terms are 15 years and 30 years.

Enter the number of years of your purchase loan. If you’re refinancing or already making repayments, include your minimum monthly mortgage payment, excluding taxes and insurance.

Monthly interest and principal payments.

If you’re refinancing or already making repayments, list the outstanding mortgage principal that needs to be repaid.

This calculator won’t factor in private mortgage insurance or similar premiums. With a purchase loan, input your down payment amount as a percentage. If you have a purchase loan, input the price you paid for the home. Choose “refinance” if you’re getting a mortgage refinance or keeping your current loan. Choose “purchase” if you plan on buying a home and making extra payments immediately.

#MORTGAGE CALCULATOR REDUCTION PAYMENT HOW TO#

How To Use the Additional Payment Calculatorīelow is a detailed summary of how to enter the appropriate loan information for a new or existing mortgage:

Mortgage calculator reduction payment