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09:38 EDT on May 17
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Pre-Payment Analyzer

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Calculate your mortgage payment. Discover how many years you can shorten your amortization. Discover the interest savings you can realize by making prepayments (lump sum) on your mortgage.
Fill in the blanks below. Click the "Calculate" button when you are finished.
If you require assistance, select the button.
Mortgage Amount <h3>Mortgage Amount</h3> <p>Enter the amount of money you want to borrow. Do not enter a dollar sign.</p> <p>You can calculate the maximum mortgage amount you qualify for (based on income and debt) by using the <a href='MaximumMTG.php'>Maximum Mortgage calculator</a>, located in the Mortgage Calculator section.</p> <div>Minimum: $10,000</div><div>Maximum: $1,000,000 </div>
Interest Rate:(view rates) <h3>Interest Rate</h3> <p>Enter the interest rate you would like to use for calculating your payment and amortization schedule. Enter the interest rate in a whole number format. For example: 4.56 NOT .0456</p> <div>Minimum: 2.0</div><div>Maximum: 25.0</div>
Initial Amortization Period year(s) month(s) <h3>Amortization Period</h3> <p>Enter a number representing over how many years you would like to repay your mortgage. The standard is 25 years.</p> <div>Minimum: 1 Year</div><div>Maximum: 40 Years</div>
Initial Mortgage Payment <h3>Mortgage Payment</h3> <p>The mortgage payment is the amount the borrower would finance in order to pay off the desired loan. The payment corresponds to the selected frequency.</p> <div>Minimum: $1.00</div>
Payment Frequency  Accelerated:  <h3>Payment Frequency</h3> <p>Select how often you would like to make your mortgage payments.</p> <p>Number of payments per year: <table width=300 border=0 cellpadding=5> <tr> <td>Monthly:</td><td>12 (once a month)</td> </tr> <tr> <td>Semi-Monthly:</td><td>24 (twice a month)</td> </tr> <tr> <td>Bi-Weekly:</td><td>26 (once every two weeks)</td> </tr> <tr> <td>Weekly:</td><td>52 (once a week)</td> </tr> </table> </p>
Lump Sum Payment (Annually)  Period:  year(s) <h3>Annual Prepayment</h3> <p>The amount of principal you are allowed to pay off every year without paying a penalty to the lender. Usually expressed as a percentage of the original mortgage balance.</p> <div>Minimum: 0% or $0</div><div>Maximum: 100% or $ (Mortgage Amount Entered)</div>
Mortgage Payment Increase  Period:  year(s) <h3>Annual Prepayment</h3> <p>The amount of principal you are allowed to pay off every year without paying a penalty to the lender. Usually expressed as a percentage of the original mortgage balance.</p> <div>Minimum: 0% or $0</div><div>Maximum: 100% or $ (Mortgage Amount Entered) </div>
 
RESULTS
Revised Amortization period Year(s) and Month(s).
This also represents a savings of $ in interest.
Information is provided for sample purposes only. MortgageBrokers.com does not guarantee its accuracy. Information should be verified and should not be relied upon as legal, financial, or other advice.

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