extra principal payment mortgage calculator

#Extra principal payment mortgage calculator free

If you want to add extra payments to your loan to pay it off quicker, please use this calculator to see how quickly you will pay off your loan by making additional payments.

#Extra principal payment mortgage calculator free

Want to see how fast you will pay off your home loan? Use this free calculator to figure out what your remaining principal balance & home equity will be after paying on your loan for a specific number of months or years. If you subtract the $26,733.11 you have paid toward the principal from the original loan amount, this leaves you with $223,266.89 in principal left to be paid.Ĭurrent Remaining Mortgage Principal Calculator After paying on your loan for 60 months, you will have paid $38,547.84 in interest and only $26,733.11 toward the principal. The original loan was for 30 years, but you have already paid on the loan for 60 months. Together, all of these factors will help you figure out the amount of principal you still owe.Īs an example, pretend your total loan was for $250000.00 with a 3.250% interest rate.

In order to figure out your remaining balance, you only need to know the loan amount, the interest rate on your loan, the length of your loan, and how many months you have already paid. Your Results in Plain English ( Switch to Financial Analysis)ĭetermining your mortgage loan principal - money you still owe to the bank for your house, can be very beneficial, particularly if you are looking to pay your mortgage off ahead of time.