Purpose: How much interest are you going to end up paying on your mortgage? And how much will a regular “extra payment” really make on the amount of interest you’ll pay and the length of time it’ll take before your mortgage will be paid off? Will a shorter term or paying an extra $100 a month make that much difference? These and many other questions can be answered by our amortization calculator. And, it even provides an amortization table so you can see how your mortgage dollars are applied to principal and interest over time.
Tips & Insight: Spoiler alert: Even without using the calculator, we can tell you that yes, adding an extra $100 a month will make a huge difference in the amount of interest you’ll pay over a 30-year – or even a 15-year – mortgage. You might be shocked at how much difference. Using this calculator can help shock you into sense when you’re deciding how much house you can afford and whether to use that extra $100 a month on your mortgage or on something perhaps not so important like, say, a new pair or light-up running shoes.