Extra Payment Mortgage Calculator Current Mortgage Balance: Annual Interest Rate (APR): Monthly Mortgage Payment: Extra Payment: Number of Years to Payoff Mortgage: function calculate() { let currBalance = document.getElementById("currBalance").value; let annualRate = document.getElementById("annualRate").value; let monthlyPayment = document.getElementById("monthlyPayment").value; let extraPayment = document.getElementById("extraPayment").value; let payoffYears = document.getElementById("payoffYears").value; let MonthsToPayoff = payoffYears * 12; let interest = (annualRate / 100) / 12; let balance = currBalance; for (let i = 0; i < MonthsToPayoff; i++) { balance = balance - monthlyPayment - extraPayment; balance = balance + (balance * interest); } document.getElementById("payoffYears").value = (balance <= 0) ? Number(payoffYears) : Number(payoffYears) + 1; } let preValues = { currBalance: 250000, annualRate: 3.60, monthlyPayment: 1250, extraPayment: 100 }; document.getElementById("currBalance").value = preValues.currBalance; document.getElementById("annualRate").value = preValues.annualRate; document.getElementById("monthlyPayment").value = preValues.monthlyPayment; document.getElementById("extraPayment").value = preValues.extraPayment; document.getElementById('payoffYears').value = Math.ceil(preValues.currBalance/(preValues.monhtlyPayment + preValues.extraPayment))/12; Extra Payment Mortgage Calculators: A Few Reasons to Use Them Payment calculators are an invaluable tool for homeowners who are trying to make smart financial decisions about their mortgages. With extra payment mortgage calculators, homeowners can figure out how much additional payments can help them save money over the life of their loan. When you've got big decisions to make about your mortgage, choosing the wrong path could end up costing you thousands of dollars over the life of the loan. Calculators can help you make smart decisions without needing to rely solely on a loan originator, and that makes them an invaluable part of any mortgage process. What Is a Mortgage Calculator? A mortgage calculator is a computer program that helps you determine whether or not a particular mortgage will benefit you and your finances. It takes into account your current debt and income, the term of the loan, and of course the size of the down payment and interest rate. The calculator shows you an estimate of the amount of money you'll be spending each month on your mortgage. It also provides other useful information, like an estimated total debt after the mortgage is paid off. It may also show you how an increase in down payment or a lower annual interest rate could change your total payment. What Does an Extra Payment Mortgage Calculator Do? You can use an extra payment mortgage calculator to figure out how much money you can save by making additional payments on your mortgage. By adding extra money each month, you can potentially decrease the total amount of the loan and the cost of your monthly payments. If you make additional payments, the calculator can show you how this will impact the total amount you owe and reduce the amount of interest you pay over the life of the loan. For example, if you add an extra $500 to your monthly payments, you might pay off the loan two years earlier than you would without the extra payment. This means you will save money on interest. Why Should I Use an Extra Payment Mortgage Calculator? An extra payment mortgage calculator can be an excellent tool for homeowners who are trying to figure out the best financial decision for them in the long run. With an extra payment, homeowners can reduce their interest costs, pay off their loan sooner, and make more room in their budget for other important expenses. Additionally, the calculator can help homeowners figure out how much additional money they need to add to their monthly payments in order to achieve their financial goals. This tool can be used to estimate the savings that extra payments can bring, so homeowners can make an informed decision about their loan and decide whether or not it is a wise investment. Making Smart Financial Decisions About Your Mortgage When it comes to making smart financial decisions about your mortgage, it's important to have all the information you need. Extra payment mortgage calculators can be a great tool for helping you make the most of your mortgage and ensure that you're making the best decision for your financial future. Whether you're considering refinancing, paying down debt, or simply making extra payments on your mortgage, an extra payment mortgage calculator can provide invaluable insight into the potential savings. So take the time to do your research and use the calculators available to you to make the most informed decisions possible.