Mortgage Calculator with Extra Payments
What Is a Mortgage Calculator with Extra Payments?
A mortgage calculator with extra payments is a tool that helps homeowners calculate the total cost of their mortgage, including both principal and interest. It also allows users to enter additional payments they plan to make over the life of the loan. These extra payments can reduce the total cost of the mortgage and help homeowners pay it off faster.
Why use the Mortgage with Extra Payments calculator?
The Mortgage with Extra Payments calculator can be used to help you determine how much you can save on your mortgage over time by making extra payments. It can help you decide if it makes more financial sense to make extra payments, or to invest the extra money in other areas. The calculator can also provide you with an estimate of how much money you can save in interest over the life of the loan.
How a Mortgage Calculator with Extra Payments Works?
Mortgage with Extra Payments calculator:
M = (P * r * (1 + r)^n) / ((1 + r)^n - 1) + E * (((1 + r)^n - 1) / (r * (1 + r)^n))
Where: M = Monthly Payment
P = Principal Amount
r = Interest Rate (in decimal form)
n = Number of Months
E = Extra Payment Amount
A mortgage calculator with extra payments allows you to input the standard information, such as the loan amount, interest rate, loan term, and any additional payments you plan on making. These extra payments can be made regularly, such as monthly or annually, or as a one-time payment.
The calculator then calculates the total interest you will pay over the life of the loan and how much sooner you will pay off the mortgage. This can help you determine if the extra payments are worth it in terms of the savings on interest and the length of time it takes to pay off the loan.
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