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Northeast Community Credit Unionwww.BeMyCU.org
By making extra payments on your mortgage you could build equity faster and reduce your amortization period, resulting in paying off your mortgage sooner, paying less interest overall and becoming an attractive risk for lenders. Use this calculator to find out if you should consider making extra payments on your mortgage.
Loan Amount
Enter the loan amount of your mortgage.
Interest Rate
Enter the annual interest rate of your mortgage.
Extra Monthly Payment
Enter the extra payment amount you plan to make. The calculation assumes that you will make the same extra payment every month for the life of the loan.
Number of Payments Made
Enter the number of you have already made on the mortgage. If the mortgage is new enter 1. If you've made one year of payments enter 12.
Yearly Property Taxes
Enter your estimated yearly property taxes for this mortgage. Property taxes are usually calculated as a percentage of your home's assessed value. For example, if you pay 0.5% in property taxes of the assessed value, a home assessed at $270,000 would have a yearly property tax bill of $1,350.
Yearly Property Insurance
Enter your estimated property insurance. Lenders require that you carry home owners insurance on the property to protect their investment should a catastrophic accident occur.
Property Value
Enter the value of your property. This value is used to determine if you need to pay mortgage insurance. Lenders require mortgage insurance if your loan to value ratio is less than 20%.
Monthly Payment Information
How extra payments will effect your mortgage.
Principle & Interest Payment
This is the principle and interest portion of your payment calculated from the data entered to the right.
Taxes and Insurance
Annual property tax and insurance are used to determine your total monthly mortgage payment. The tax and insurance annual payments are proportioned over 12 months and subtracted along with mortgage insurance to determine your principle and interest payment.
Mortgage Insurance
Mortgage insurance is a policy that insures the lender against loss should the homeowner default on a mortgage. Normally, if you have a down payment of 20% or greater you do not have to pay mortgage insurance. For the purposes of this calculation we calculate estimated mortgage insurance based on the value you entered for your home and the new loan amount.
Total Payment
Total payment of your current and new mortgage based on the input to the right.
Months until mortgage is paid off
Number of months until your mortgage is paid off. If the mortgage is an ARM then this is number of months until the resets. The total interest paid and total principle paid will show you how extra payments effect your mortgage.
Total Interest Paid
Total interest paid until the mortgage is paid off. If the mortgage is an ARM this is the total interest paid until the ARM resets.
Total Principle Paid
Total principle paid until the mortgage is paid off. If the mortgage is an ARM this is the total principle paid until the ARM resets.
Northeast Community Credit Union
Northeast Community Credit Union is proud to be a federally-insured community credit union serving the individuals of Carter, Washington, Johnson, Sullivan and Unicoi counties. Anyone that lives, works, worships, or attends school in our area may join the credit union with a $25 initial deposit into a share account. See website for details.980 Jason Witten WayElizabethton, TN 37643(423) 547-3820www.BeMyCU.org
The HomeLoanLearningCenter.com provides step-by-step information on how to become financially literate.