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Prepayment Calculator

Loan Balance:
Monthly Payment:
Interest Rate:
%
Monthly Prepay:
One Time Prepay:
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Calculated Results
Orig Monthly Pay1,461.80
New Monthly Pay1,561.80
Orig Periods360
New Periods318
Orig Total Interest226,250.43
New Total Interest195,742.77
Interest Saved30,507.66

Payment schedule comparation

Year Orig Interest Payment New Interest Payment Orig Principal Payment New Principal Payment Orig Ending Balance New Ending Balance
112,412.7112,389.515,128.896,352.09 294,871.11293,647.91
Month11,042.501,042.50419.30519.30 299,580.70299,480.70
Month21,041.041,040.70420.76521.10 299,159.94298,959.60
Month31,039.581,038.88422.22522.92 298,737.72298,436.68
Month41,038.111,037.07423.69524.73 298,314.04297,911.95
Month51,036.641,035.24425.16526.56 297,888.88297,385.39
Month61,035.161,033.41426.64528.39 297,462.24296,857.01
Month71,033.681,031.58428.12530.22 297,034.12296,326.78
Month81,032.191,029.74429.61532.06 296,604.52295,794.72
Month91,030.701,027.89431.10533.91 296,173.42295,260.81
Month101,029.201,026.03432.60535.77 295,740.82294,725.04
Month111,027.701,024.17434.10537.63 295,306.72294,187.41
Month121,026.191,022.30435.61539.50 294,871.11293,647.91
212,194.7012,119.505,346.906,622.10 289,524.21287,025.81
Month131,024.681,020.43437.12541.37 294,433.99293,106.53
Month141,023.161,018.55438.64543.25 293,995.35292,563.28
Month151,021.631,016.66440.17545.14 293,555.18292,018.14
Month161,020.101,014.76441.70547.04 293,113.48291,471.10
Month171,018.571,012.86443.23548.94 292,670.25290,922.16
Month181,017.031,010.95444.77550.85 292,225.48290,371.32
Month191,015.481,009.04446.32552.76 291,779.17289,818.56
Month201,013.931,007.12447.87554.68 291,331.30289,263.88
Month211,012.381,005.19449.42556.61 290,881.88288,707.27
Month221,010.811,003.26450.99558.54 290,430.89288,148.73
Month231,009.251,001.32452.55560.48 289,978.34287,588.24
Month241,007.67999.37454.13562.43 289,524.21287,025.81
311,967.4211,838.025,574.186,903.58 283,950.04280,122.24
Month251,006.10997.41455.70564.39 289,068.51286,461.43
Month261,004.51995.45457.29566.35 288,611.22285,895.08
Month271,002.92993.49458.88568.31 288,152.35285,326.77
Month281,001.33991.51460.47570.29 287,691.87284,756.48
Month29999.73989.53462.07572.27 287,229.80284,184.21
Month30998.12987.54463.68574.26 286,766.13283,609.95
Month31996.51985.54465.29576.26 286,300.84283,033.69
Month32994.90983.54466.90578.26 285,833.94282,455.43
Month33993.27981.53468.53580.27 285,365.41281,875.16
Month34991.64979.52470.16582.28 284,895.25281,292.88
Month35990.01977.49471.79584.31 284,423.46280,708.57
Month36988.37975.46473.43586.34 283,950.04280,122.24
411,730.4911,544.585,811.117,197.02 278,138.92272,925.21
Month37986.73973.42475.07588.38 283,474.96279,533.86
Month38985.08971.38476.72590.42 282,998.24278,943.44
Month39983.42969.33478.38592.47 282,519.86278,350.97
Month40981.76967.27480.04594.53 282,039.81277,756.44
Month41980.09965.20481.71596.60 281,558.10277,159.84
Month42978.41963.13483.39598.67 281,074.72276,561.17
Month43976.73961.05485.07600.75 280,589.65275,960.42
Month44975.05958.96486.75602.84 280,102.90275,357.59
Month45973.36956.87488.44604.93 279,614.46274,752.65
Month46971.66954.77490.14607.03 279,124.32274,145.62
Month47969.96952.66491.84609.14 278,632.47273,536.47
Month48968.25950.54493.55611.26 278,138.92272,925.21
511,483.4811,238.666,058.127,502.94 272,080.80265,422.27
Month49966.53948.42495.27613.38 277,643.65272,311.83
Month50964.81946.28496.99615.52 277,146.67271,696.31
Month51963.08944.14498.72617.66 276,647.95271,078.66
Month52961.35942.00500.45619.80 276,147.50270,458.86
Month53959.61939.84502.19621.96 275,645.32269,836.90
Month54957.87937.68503.93624.12 275,141.38269,212.78
Month55956.12935.51505.68626.29 274,635.70268,586.50
Month56954.36933.34507.44628.46 274,128.26267,958.04
Month57952.60931.15509.20630.65 273,619.05267,327.39
Month58950.83928.96510.97632.84 273,108.08266,694.55
Month59949.05926.76512.75635.04 272,595.33266,059.52
Month60947.27924.56514.53637.24 272,080.80265,422.27
611,225.9710,919.746,315.637,821.86 265,765.17257,600.41
Month61945.48922.34516.32639.46 271,564.48264,782.82
Month62943.69920.12518.11641.68 271,046.37264,141.14
Month63941.89917.89519.91643.91 270,526.45263,497.23
Month64940.08915.65521.72646.15 270,004.73262,851.08
Month65938.27913.41523.53648.39 269,481.20262,202.69
Month66936.45911.15525.35650.65 268,955.85261,552.04
Month67934.62908.89527.18652.91 268,428.67260,899.13
Month68932.79906.62529.01655.18 267,899.66260,243.96
Month69930.95904.35530.85657.45 267,368.81259,586.51
Month70929.11902.06532.69659.74 266,836.11258,926.77
Month71927.26899.77534.54662.03 266,301.57258,264.74
Month72925.40897.47536.40664.33 265,765.17257,600.41
710,957.5110,587.266,584.098,154.34 259,181.08249,446.07
Month73923.53895.16538.27666.64 265,226.90256,933.77
Month74921.66892.84540.14668.96 264,686.77256,264.82
Month75919.79890.52542.01671.28 264,144.75255,593.54
Month76917.90888.19543.90673.61 263,600.86254,919.92
Month77916.01885.85545.79675.95 263,055.07254,243.97
Month78914.12883.50547.68678.30 262,507.38253,565.67
Month79912.21881.14549.59680.66 261,957.80252,885.01
Month80910.30878.78551.50683.02 261,406.30252,201.98
Month81908.39876.40553.41685.40 260,852.89251,516.59
Month82906.46874.02555.34687.78 260,297.55250,828.81
Month83904.53871.63557.27690.17 259,740.29250,138.64
Month84902.60869.23559.20692.57 259,181.08249,446.07
810,677.6510,240.656,863.958,500.95 252,317.13240,945.12
Month85900.65866.83561.15694.97 258,619.94248,751.09
Month86898.70864.41563.10697.39 258,056.84248,053.70
Month87896.75861.99565.05699.81 257,491.79247,353.89
Month88894.78859.55567.02702.25 256,924.77246,651.65
Month89892.81857.11568.99704.69 256,355.79245,946.96
Month90890.84854.67570.96707.13 255,784.82245,239.83
Month91888.85852.21572.95709.59 255,211.88244,530.23
Month92886.86849.74574.94712.06 254,636.94243,818.18
Month93884.86847.27576.94714.53 254,060.00243,103.64
Month94882.86844.79578.94717.01 253,481.06242,386.63
Month95880.85842.29580.95719.51 252,900.11241,667.12
Month96878.83839.79582.97722.01 252,317.13240,945.12
910,385.899,879.307,155.718,862.30 245,161.42232,082.82
Month97876.80837.28585.00724.52 251,732.14240,220.60
Month98874.77834.77587.03727.03 251,145.10239,493.57
Month99872.73832.24589.07729.56 250,556.03238,764.01
Month100870.68829.70591.12732.10 249,964.92238,031.91
Month101868.63827.16593.17734.64 249,371.74237,297.27
Month102866.57824.61595.23737.19 248,776.51236,560.08
Month103864.50822.05597.30739.75 248,179.21235,820.33
Month104862.42819.48599.38742.32 247,579.83235,078.00
Month105860.34816.90601.46744.90 246,978.37234,333.10
Month106858.25814.31603.55747.49 246,374.82233,585.61
Month107856.15811.71605.65750.09 245,769.17232,835.52
Month108854.05809.10607.75752.70 245,161.42232,082.82
1010,081.739,502.607,459.879,239.00 237,701.55222,843.82
Month109851.94806.49609.86755.31 244,551.56231,327.51
Month110849.82803.86611.98757.94 243,939.57230,569.57
Month111847.69801.23614.11760.57 243,325.46229,809.00
Month112845.56798.59616.24763.21 242,709.22229,045.79
Month113843.41795.93618.39765.87 242,090.84228,279.92
Month114841.27793.27620.53768.53 241,470.30227,511.39
Month115839.11790.60622.69771.20 240,847.61226,740.20
Month116836.95787.92624.85773.88 240,222.76225,966.32
Month117834.77785.23627.03776.57 239,595.73225,189.75
Month118832.60782.53629.20779.27 238,966.52224,410.48
Month119830.41779.83631.39781.97 238,335.13223,628.51
Month120828.21777.11633.59784.69 237,701.55222,843.82
119,764.639,109.887,776.979,631.72 229,924.58213,212.11
Month121826.01774.38635.79787.42 237,065.76222,056.40
Month122823.80771.65638.00790.15 236,427.76221,266.25
Month123821.59768.90640.21792.90 235,787.55220,473.35
Month124819.36766.14642.44795.66 235,145.11219,677.69
Month125817.13763.38644.67798.42 234,500.44218,879.27
Month126814.89760.61646.91801.19 233,853.53218,078.08
Month127812.64757.82649.16803.98 233,204.37217,274.10
Month128810.39755.03651.41806.77 232,552.96216,467.33
Month129808.12752.22653.68809.58 231,899.28215,657.75
Month130805.85749.41655.95812.39 231,243.33214,845.36
Month131803.57746.59658.23815.21 230,585.10214,030.15
Month132801.28743.75660.52818.05 229,924.58213,212.11
129,434.068,700.488,107.5410,041.12 221,817.05203,170.98
Month133798.99740.91662.81820.89 229,261.77212,391.22
Month134796.68738.06665.12823.74 228,596.66211,567.48
Month135794.37735.20667.43826.60 227,929.23210,740.87
Month136792.05732.32669.75829.48 227,259.48209,911.40
Month137789.73729.44672.07832.36 226,587.41209,079.04
Month138787.39726.55674.41835.25 225,913.00208,243.79
Month139785.05723.65676.75838.15 225,236.25207,405.64
Month140782.70720.73679.10841.07 224,557.14206,564.57
Month141780.34717.81681.46843.99 223,875.68205,720.58
Month142777.97714.88683.83846.92 223,191.85204,873.66
Month143775.59711.94686.21849.86 222,505.64204,023.80
Month144773.21708.98688.59852.82 221,817.05203,170.98
139,089.448,273.678,452.1610,467.93 213,364.89192,703.05
Month145770.81706.02690.99855.78 221,126.06202,315.20
Month146768.41703.05693.39858.75 220,432.67201,456.45
Month147766.00700.06695.80861.74 219,736.88200,594.71
Month148763.59697.07698.21864.73 219,038.66199,729.97
Month149761.16694.06700.64867.74 218,338.02198,862.24
Month150758.72691.05703.08870.75 217,634.95197,991.48
Month151756.28688.02705.52873.78 216,929.43197,117.70
Month152753.83684.98707.97876.82 216,221.46196,240.89
Month153751.37681.94710.43879.86 215,511.03195,361.02
Month154748.90678.88712.90882.92 214,798.13194,478.10
Month155746.42675.81715.38885.99 214,082.75193,592.11
Month156743.94672.73717.86889.07 213,364.89192,703.05
148,730.177,828.718,811.4310,912.89 204,553.46181,790.16
Month157741.44669.64720.36892.16 212,644.53191,810.89
Month158738.94666.54722.86895.26 211,921.67190,915.63
Month159736.43663.43725.37898.37 211,196.30190,017.26
Month160733.91660.31727.89901.49 210,468.41189,115.77
Month161731.38657.18730.42904.62 209,737.99188,211.15
Month162728.84654.03732.96907.77 209,005.03187,303.39
Month163726.29650.88735.51910.92 208,269.52186,392.46
Month164723.74647.71738.06914.09 207,531.45185,478.38
Month165721.17644.54740.63917.26 206,790.83184,561.12
Month166718.60641.35743.20920.45 206,047.62183,640.67
Month167716.02638.15745.78923.65 205,301.84182,717.02
Month168713.42634.94748.38926.86 204,553.46181,790.16
158,355.637,364.859,185.9711,376.75 195,367.50170,413.40
Month169710.82631.72750.98930.08 203,802.49180,860.08
Month170708.21628.49753.59933.31 203,048.90179,926.77
Month171705.59625.25756.21936.55 202,292.70178,990.21
Month172702.97621.99758.83939.81 201,533.86178,050.40
Month173700.33618.73761.47943.07 200,772.39177,107.33
Month174697.68615.45764.12946.35 200,008.28176,160.98
Month175695.03612.16766.77949.64 199,241.51175,211.34
Month176692.36608.86769.44952.94 198,472.07174,258.40
Month177689.69605.55772.11956.25 197,699.96173,302.14
Month178687.01602.22774.79959.58 196,925.17172,342.57
Month179684.31598.89777.49962.91 196,147.68171,379.66
Month180681.61595.54780.19966.26 195,367.50170,413.40
167,965.176,881.269,576.4311,860.34 185,791.07158,553.07
Month181678.90592.19782.90969.61 194,584.60169,443.79
Month182676.18588.82785.62972.98 193,798.98168,470.81
Month183673.45585.44788.35976.36 193,010.63167,494.44
Month184670.71582.04791.09979.76 192,219.54166,514.69
Month185667.96578.64793.84983.16 191,425.71165,531.53
Month186665.20575.22796.60986.58 190,629.11164,544.95
Month187662.44571.79799.36990.01 189,829.75163,554.94
Month188659.66568.35802.14993.45 189,027.60162,561.50
Month189656.87564.90804.93996.90 188,222.68161,564.60
Month190654.07561.44807.731,000.36 187,414.95160,564.23
Month191651.27557.96810.531,003.84 186,604.42159,560.39
Month192648.45554.47813.351,007.33 185,791.07158,553.07
177,558.116,377.129,983.4912,364.48 175,807.58146,188.59
Month193645.62550.97816.181,010.83 184,974.89157,542.24
Month194642.79547.46819.011,014.34 184,155.88156,527.90
Month195639.94543.93821.861,017.87 183,334.02155,510.03
Month196637.09540.40824.711,021.40 182,509.31154,488.63
Month197634.22536.85827.581,024.95 181,681.73153,463.68
Month198631.34533.29830.461,028.51 180,851.27152,435.16
Month199628.46529.71833.341,032.09 180,017.93151,403.08
Month200625.56526.13836.241,035.67 179,181.69150,367.40
Month201622.66522.53839.141,039.27 178,342.55149,328.13
Month202619.74518.92842.061,042.88 177,500.49148,285.24
Month203616.81515.29844.991,046.51 176,655.50147,238.73
Month204613.88511.65847.921,050.15 175,807.58146,188.59
187,133.755,851.5510,407.8512,890.05 165,399.73133,298.54
Month205610.93508.01850.871,053.79 174,956.71145,134.79
Month206607.97504.34853.831,057.46 174,102.88144,077.34
Month207605.01500.67856.791,061.13 173,246.09143,016.21
Month208602.03496.98859.771,064.82 172,386.32141,951.39
Month209599.04493.28862.761,068.52 171,523.56140,882.87
Month210596.04489.57865.761,072.23 170,657.81139,810.64
Month211593.04485.84868.761,075.96 169,789.04138,734.68
Month212590.02482.10871.781,079.70 168,917.26137,654.98
Month213586.99478.35874.811,083.45 168,042.45136,571.53
Month214583.95474.59877.851,087.21 167,164.60135,484.32
Month215580.90470.81880.901,090.99 166,283.69134,393.33
Month216577.84467.02883.961,094.78 165,399.73133,298.54
196,691.355,303.6510,850.2513,437.95 154,549.48119,860.59
Month217574.76463.21887.041,098.59 164,512.69132,199.96
Month218571.68459.39890.121,102.41 163,622.58131,097.55
Month219568.59455.56893.211,106.24 162,729.36129,991.32
Month220565.48451.72896.321,110.08 161,833.05128,881.24
Month221562.37447.86899.431,113.94 160,933.62127,767.30
Month222559.24443.99902.561,117.81 160,031.06126,649.49
Month223556.11440.11905.691,121.69 159,125.37125,527.80
Month224552.96436.21908.841,125.59 158,216.53124,402.20
Month225549.80432.30912.001,129.50 157,304.53123,272.70
Month226546.63428.37915.171,133.43 156,389.37122,139.28
Month227543.45424.43918.351,137.37 155,471.02121,001.91
Month228540.26420.48921.541,141.32 154,549.48119,860.59
206,230.154,732.4511,311.4514,009.15 143,238.03105,851.44
Month229537.06416.52924.741,145.28 153,624.74118,715.31
Month230533.85412.54927.951,149.26 152,696.79117,566.04
Month231530.62408.54931.181,153.26 151,765.61116,412.78
Month232527.39404.53934.411,157.27 150,831.19115,255.52
Month233524.14400.51937.661,161.29 149,893.53114,094.23
Month234520.88396.48940.921,165.32 148,952.61112,928.91
Month235517.61392.43944.191,169.37 148,008.42111,759.54
Month236514.33388.36947.471,173.44 147,060.95110,586.10
Month237511.04384.29950.761,177.51 146,110.19109,408.59
Month238507.73380.19954.071,181.61 145,156.12108,226.98
Month239504.42376.09957.381,185.71 144,198.74107,041.27
Month240501.09371.97960.711,189.83 143,238.03105,851.44
215,749.344,136.9711,792.2614,604.63 131,445.7791,246.81
Month241497.75367.83964.051,193.97 142,273.98104,657.47
Month242494.40363.68967.401,198.12 141,306.58103,459.36
Month243491.04359.52970.761,202.28 140,335.82102,257.08
Month244487.67355.34974.131,206.46 139,361.69101,050.62
Month245484.28351.15977.521,210.65 138,384.1799,839.97
Month246480.89346.94980.911,214.86 137,403.2698,625.12
Month247477.48342.72984.321,219.08 136,418.9397,406.04
Month248474.06338.49987.741,223.31 135,431.1996,182.73
Month249470.62334.23991.181,227.57 134,440.0194,955.16
Month250467.18329.97994.621,231.83 133,445.3993,723.33
Month251463.72325.69998.081,236.11 132,447.3292,487.22
Month252460.25321.391,001.551,240.41 131,445.7791,246.81
225,248.093,516.1812,293.5115,225.42 119,152.2676,021.40
Month253456.77317.081,005.031,244.72 130,440.7490,002.09
Month254453.28312.761,008.521,249.04 129,432.2388,753.05
Month255449.78308.421,012.021,253.38 128,420.2087,499.67
Month256446.26304.061,015.541,257.74 127,404.6686,241.93
Month257442.73299.691,019.071,262.11 126,385.5984,979.82
Month258439.19295.301,022.611,266.50 125,362.9883,713.33
Month259435.64290.901,026.161,270.90 124,336.8282,442.43
Month260432.07286.491,029.731,275.31 123,307.0981,167.12
Month261428.49282.061,033.311,279.74 122,273.7879,887.37
Month262424.90277.611,036.901,284.19 121,236.8878,603.18
Month263421.30273.151,040.501,288.65 120,196.3877,314.53
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234,725.542,869.0112,816.0615,872.59 106,336.2160,148.80
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Why Prepay Your Mortgage

If you have free cash available, use it to prepay your mortgage is good option in managing your personal finance. This is especially true if your mortgage interest rate is higher. By prepaying your mortgage, you will reduce your total interest payment and thus save money. Given the long duration of a mortgage, that interest saving is significant. If you have to pay mortgage insurance for your mortgage because the equity in your house is not high enough, by prepayment the mortgage such that the mortgage insurance can be avoided will save even more for you. To determine if you want to use the money for the prepayment or not, you should compare the return of the investment with the money saved through prepayment. Keep it in mind that investment income will need to pay tax. On the other hand, interest payment to mortgage will normally be tax deductable too. That will wash out normally. So you only need to make sure the investment return is higher than your mortgage interest rate if you choose to invest instead of prepayment.

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