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Mortgage Amortization Calculator

Mortgage Length Calculator

This calculator will help you to determine your savings if you make larger monthly payments.

Input Information
Loan Information
Amount : ($)
Interest Rate : (%)
Length : (Years)
Considered Monthly Payment
Monthly Payment : ($)
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Financial Analysis (Switch to Plain English)
Original Payment : $1,342.05
New Payment : $1,304.12
New Length of Loan : 32 Years 2 Months
Plain English Analysis (Switch to Financial Analysis)

If you start to pay more or less toward your mortgage each month than the original payment amount, you can save or add a number of years to the length of your mortgage. Even the difference of just $40 can save you a couple of years or add a couple years to the length of your payment.

If you took out a mortgage loan for $250,000.00 with a 5.000% interest rate, for example, you could expect to pay $1,342.05 per month. If you change your payment to $1,304.12, however, you will have to pay on your mortgage for 32 year(s) and 2 month(s) instead of 30 years.
DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. Please consult your own financial advisor.

We have many other Mortgage Calculators for you to use.

Make sure you register to receive my Free Homebuying Guide and Insider Mortgage Reports, browse my Resources section, fill-out a FREE No-Obligation Secure Online Loan Application, or call me in my Annapolis, Maryland office at 410.573.0909. I am here to help you with all your mortgage needs.