Mortgage Extra Payment Calculator Use this calculator to see how extra payments can help you to pay off your mortgage more quickly. Loan Amount: Interest Rate (%): Term (Yrs.): Extra Payment: Mortgage Summary At the end of years, you will have paid: Total: Principal: Interest: function calculate() { // Set default values let amount = document.querySelector("input[name=amount]").value; let rate = document.querySelector("input[name=rate]").value; let term = document.querySelector("input[name=term]").value; let extra = document.querySelector("input[name=extra]").value; // Calculations let total = (amount * (1 + rate * (term / 12))).toFixed(2); let principle = amount; let interest = ((total - amount)*1).toFixed(2); let total_reduced = (amount * (1 + rate * ((term - (extra/12)) / 12))).toFixed(2); let interest_reduced = ((total_reduced - amount) * 1).toFixed(2); let total_saved = (interest-interest_reduced).toFixed(2); // Update the HTML elements document.querySelector("#term_span").textContent = term; document.querySelector("#total_span").textContent = `£${total}`; document.querySelector("#principle_span").textContent = `£${principle}`; document.querySelector("#interest_span").textContent = `£${interest}`; document.querySelector("#total_saved_span").textContent = `£${total_saved}`; } Mortgage Extra Payment Calculators: Understanding Your Options Are you considering making extra payments on your mortgage? If so, you may be wondering what type of extra payment calculator you should use and how your choice will impact the amount of money you save in the long run. We’ll cover the various types of calculators available and how they work so that you can make an informed decision. Understanding the Different Types of Calculators Extra payment calculators are often used to track the amount of money you save by making extra payments on your mortgage. Below, we'll discuss the various types of calculators available to help you determine which one is best for your needs. Biweekly Calculator The first type of extra payment calculator you may want to consider is a biweekly calculator. With this type of calculator, you may enter the amount of your payment and the terms of your loan, and it will calculate a payment schedule in which you make payments twice a month. This type of calculator is most beneficial for people who want to make semi-monthly payments to reduce the duration of their loan. Early Extra Payment Calculator Another option for extra payment calculators is the early extra payment calculator. Similar to the biweekly calculator, this calculator allows you to enter the amount of your loan, the interest rate, and the length of time you’ll be paying it off. Unlike the biweekly calculator, the early extra payment calculator takes into account any additional payments you make beyond the regular payment schedule. It then calculates the amount of money you’ll save by paying off your loan early. Amortization Calculator Finally, the amortization calculator is an especially popular option. With this calculator, you can enter the amount of your loan, its term length, and your payment schedule. Then, the calculator can generate a comprehensive amortization schedule that shows how much of your payment is applied to the principal and the interest of the loan. It’s also possible to use this calculator to estimate how long it would take to reduce the loan’s principal balance with an additional payment or to calculate what the balance would look like at the end of the loan term. Using an Extra Payment Calculator to Maximize Your Savings While the above calculators can help you estimate what your extra payments could save you, they may not always give you the most accurate calculation. It’s important to remember that the type of calculator you use could affect the savings you get from making extra payments. For instance, a biweekly calculator may miss out on the benefits of early payments. For optimal results, it’s wise to use a combination of the above calculators. Additionally, you should make sure to factor in any additional fees, closing costs, or prepayment penalties that may apply to your loan. Finally, you should always double-check your estimations with your lender to ensure accuracy. Conclusion Making extra payments on your mortgage can help you save money in the long run. To calculate your potential savings accurately, it’s important to understand the various types of extra payment calculators offered and which one best fits your needs. From biweekly to amortization calculators, there are plenty of options to help you make the most of your mortgage payments.