Many mortgage borrowers want to pay down their debt before term, and are interested in how different extra payment plans will affect the payoff date, the amount of interest they have to pay, how long it will take to get out from underwater, and more. As background, these articles are recommended: Can I Do My Own Biweekly Mortgage? Mortgage Prepayment as Investment: Another Look; Using a Calculator to Prepay an ARM; and A Great Investment in Loan Repayment.
Mortgage Repayment Calculator: Extra Payments.
(2a)
Allows borrowers to specify almost any
combination of payments, payment intervals and payment periods, and see
the impact on the amortization schedule, payoff date
and total interest paid.
Mortgage Repayment Calculator: Extra Monthly Payments to Pay Off in Specified Period.
(2c)
For
borrowers who have a target payoff date and want to know how much extra
they must pay, above their required monthly payment, to
pay off their loan within that period.
Mortgage Repayment Calculator: Biweekly Payments Applied Monthly.
(2b)
For
borrowers who want to know when their loan will pay off, and how much
interest they will save, if they shift to a biweekly payment
plan, and if they make extra voluntary payments in addition
to their required monthly payment.
Mortgage Repayment Calculator: Biweekly Payments Applied Biweekly.
(2bi)
For borrowers who want to know when their loan will pay off, and how much interest they will save, if they shift to a biweekly payment
plan on which the biweekly payments are credited biweekly rather than monthly.
Mortgage Repayment Calculator: Property Appreciation and Extra Monthly
Payments on Underwater Mortgages. (2d)
For borrowers with negative equity (they are "underwater") who want to
know how long it will take before some combination of normal
amortization, extra payments and, property appreciation eliminate the
negative equity.
For borrowers with negative equity (they are "underwater") who want to know how much extra they must pay to reach a target equity within a specified period.