If you’re looking to save money on your mortgage, one of the most effective strategies is to make extra payments. Knowing how much extra you can afford to pay and the effect it will have on your loan term is essential for making an informed decision. Thankfully, there’s a free online tool that can help – the Mortgage Professor Extra Payment Calculator. This calculator helps homeowners calculate their savings from making extra payments and shows the impact it will have on their loan term.
Mortgage Professor Extra Payment Calculator is an online tool designed to help homeowners make smart decisions about their mortgage payments. This calculator allows users to input their loan information and calculate the amount of extra money they can afford to pay each month. The calculator can also show users how much interest they can save over time if they choose to make extra payments on their loans.
The Mortgage Professor Extra Payment Calculator is easy to use and allows for a variety of customization options, including loan type, repayment period and budget constraints. It also offers a variety of payment plans, such as accelerated payoff or bi-weekly payment schedules. In addition, it provides helpful tips and advice that assist borrowers in making the best decisions when it comes to managing their finances. The calculator takes into account taxes, insurance and other factors in order to provide more accurate results.