Additional Payment Mortgage Calculator Enter the loan information and desired additional monthly payment, to see the resulting change in total borrowed, total payments, and total interest expense. Initial loan amount Loan term (in years) Interest rate (as a percent) Additional payment Result Total amount borrowed: Total payments: Total interest expense: function calculateLoan() { // get the value of the inputs let initialAmount = document.getElementById('initialAmount').value; let term = document.getElementById('term').value; let interestRate = document.getElementById('interestRate').value; let additionalPayments = document.getElementById('additionalPayment').value; // calculate the total borrowed let totalBorrowed = Number(initialAmount) + Number(additionalPayments) * (Number(term) * 12); // calculate the total payments let totalPayment = totalBorrowed + (Number(term) * 12) * (Number(interestRate) * totalBorrowed); // calculate the total interest expense let totalInterest = (Number(term) * 12) * (Number(interestRate) * totalBorrowed); // set the result in the appropriate div document.getElementById('totalBorrowed').innerHTML = totalBorrowed; document.getElementById('totalPayment').innerHTML = totalPayment; document.getElementById('totalInterest').innerHTML = totalInterest; } What Are Additional Payment Mortgage Calculators? Have you heard people talking about additional payment mortgage calculators? Mortgage calculators often come up in conversations about the cost of buying a home or refinancing an existing loan. If you’re like most people, you may be wondering what an additional payment mortgage calculator is and how it can be used. In this article, we'll explain what an additional payment mortgage calculator is and what it can do for you. What Is an Additional Payment Mortgage Calculator Used For? An additional payment mortgage calculator helps you calculate the effect of making extra payments on your loan. Most lenders allow you to make extra payments on your mortgage. When you make an extra payment, the amount you have left to pay decreases and you have to pay interest for a shorter period of time. This can reduce the total amount of interest you pay on the loan, thus allowing you to save money over the life of the loan. Making extra payments on your loan can also help you pay off your mortgage faster. The additional payment mortgage calculator helps you calculate how much faster you will be able to pay off your loan by making additional payments. It also helps you determine how the additional payments can reduce the total amount of interest you pay. Some additional payment mortgage calculators can even tell you how much you can save by making extra payments. Using an Additional Payment Mortgage Calculator Using an additional payment mortgage calculator is easy. All you need to do is input the basic details about your loan, such as its principal amount, interest rate, and the length of the loan term. Once you've entered the relevant information, the calculator will give you an estimate of how much faster you can pay off the loan if you make extra payments. It will also tell you how much interest you can save. You can use the additional payment mortgage calculator to adjust the parameters of your loan and see how it affects the time and money-saving benefits. You can enter the amount of your additional payments to see how quickly you can pay off your loan and how much you can save in interest. You can also use the calculator to test different repayment strategies such as making biweekly or monthly payments. Advantages of an Additional Payment Mortgage Calculator An additional payment mortgage calculator can be a great help when you are trying to figure out the best way to pay off your mortgage loan. It helps you quickly and accurately calculate the time and money benefits of making extra payments. Plus, it allows you to test different repayment strategies to see which one works best for you. Using an additional payment mortgage calculator is also a great way to start developing a strategy for paying off your mortgage. By seeing the effects of making extra payments, you can start to plan when and how much you should pay on your loan to get the most savings. Finding an Additional Payment Mortgage Calculator If you’re looking for an additional payment mortgage calculator, you’re in luck. There are plenty of resources online that offer calculators and other useful information about mortgages and other types of loans. You can find them by doing a simple search on Google. The websites you visit will likely offer not just calculators but also other helpful information about mortgages and repayment strategies. In addition to using an online calculator, you can always ask your lender if they offer a calculator. Most lenders offer tools and calculators on their websites to help customers figure out how making extra payments affects their loan. This can be a great help when you are trying to decide whether or not to make extra payments on your loan. Conclusion An additional payment mortgage calculator can be a great help when you’re trying to figure out how to best manage your loan. It helps you quickly calculate the time and money-saving benefits of making extra payments on your loan, and it allows you to adjust the parameters to simulate different repayment strategies. Plus, you can easily find one online by doing a simple search on Google or asking your lender.