![]() This calculator will provide good results but you may want to also talk to your loan provider to get a calculation from them. (payment = principal + interest) Monthly Extra the extra amount you plan to add to your monthly payments on this loan to be applied to principal You can likely look at your last statement to find the amounts applied to principal and interest and add these 2 numbers together. Current Monthly Loan Payment the amount currently to be paid on this loan on a monthly basis toward principal and interest only. Make Extra Payments Calculate how much your loan term and interest will change by applying extra money to your payments each month Reduce Term (Months) Calculate how much extra you need to pay each month in order to pay off your loan early Current Loan Balance the original amount on a new loan or principal outstanding if you are calculating a current loan Interest Rate the annual interest rate (stated rate) on the loan Remaining Term (Months) number of months which coincides with the number of payments to repay the loan. Change the information currently provided in the calculator to match your personal information and view your results. Click the 'View Report' button to see a complete amortization payment schedule and how much you can save on your mortgage. Create amortization schedules for the new term and payments. The mortgage payoff calculator helps you find out. Try different loan scenarios for affordability or payoff. Your home or property may be repossessed if you do not keep up repayments on your mortgage.Use this calculator to determine 1) how extra payments can change the term of your loan or 2) how much additional you must pay each month if you want to reduce your loan term by a certain amount of time in months. Please request a Mortgage Illustration before you choose a mortgage. This overpayment calculator does not include all of the information that you need to select or compare mortgages. Please note the calculator does not factor in any charges for early repayments of the total mortgage balance and is based on a capital repayment mortgage. It does not provide a precise calculation of the time or interest you could save, but is intended to give you information and guidance about the potential savings. The calculator is for illustrative purposes only. The figure is rounded up or down accordingly for display purposes. If you want to pay off your mortgage or you have less than £. If you pay £1,000 or more, your monthly payment will be recalculated. You can make lump sum payments as often as you like, but if you exceed your overpayment allowance, you’ll have to pay an ERC on the amount over 20. The potential reduction in time to repay your mortgage is presented as years/months. This is an additional payment that you can make at any time.Repayment amounts are rounded up or down accordingly to the nearest £1 for display purposes. ![]() Months are of 12 equal lengths so the monthly interest will not differ.The interest rate will remain the same for the term of the mortgage. ![]()
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