How advantageous are extra payments?
This tool calculates the total mortgage interest paid with and without making prepayments for a given set of loan terms. It also calculates how many months it will take to pay off the loan with and without making extra payments. The entire amount of additional payments is applied to amortizing the loan principal.
Some mortgage loans may have a prepayment penalty. Check with your lender to verify whether your loan has such a penalty.
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