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How many more payments do you currently have left on your current home mortgage loan? By entering in your monthly payment, your balance remaining, and your interest rate this simple calculator can tell you exactly how long you have before your balance will be paid off, how much interest you will end up paying, and the number of payments that you will make through the life of your home mortgage loan.
This calculator will also figure the difference between monthly and bi-weekly payments. For those of you wanting to know the difference between the two it is very simple, the monthly payment option would require one payment a month, were a bi-weekly payment option would require a half payment every two weeks. When you get a loan and they usually ask you if you would like to sign up for the bi-weekly payment option, it is highly recommended that you do it, and here is the reason why. Let say you have a balance on your home mortgage loan of $100,000, and your monthly payment is $600, and your interest rate is 5.5%, here is what you could expect.
| Payment Frequency |
Time to pay off |
Total Interest you will pay |
Number of Payments |
Monthly
($600.00) |
26 years, 5 month(s) |
$89,394.11 |
317 |
|---|
Bi-Weekly
($300.00) |
22 years, 3 month(s) |
$73,373.58 |
579 |
|---|
Another thing that makes this calculator so great is, it gives you the opprotunity to change the variables. You can change your monthly payment so you can see how much a few extra dollars can save you. Each time you change the variables you can see how it effects you loan.
In short, you will be amazed about how much a little larger monthly payment can shorten the time you will pay on your current mortgage. Not only the time you will pay on your mortgage will be shortened but it also means that you will save hundreds or even thousands of dollars in interest over the life of the loan.
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