Mortgage Payoff

Mortgage Payoff Calculator

How much interest can you save by increasing your mortgage payment? This financial calculator helps you find out. Click the "View Report" button to see a complete amortization payment schedule, and how much you can save on your mortgage!

This Financial Calculator requires SUN's Java Plug-in. If you see this message you will need to download SUN's Java Plug-in. This can be done automatically by clicking the yellow bar at the top of your browser and choosing Install ActiveX Control.

    You can also get SUN's Java Plug-in here: Get the Java Plug-in!

    For more information about this Plug-in please visit: SUN's Java Plug-in
    For more information these financial calculators please visit: Financial Calculators from KJE Computer Solutions, LLC

Definitions

Annual interest rate (APR)
The yearly cost of a mortgage, including interest, mortgage insurance, and the origination fee (point(s)), expressed as a percentage. Maximum APR is 20%.

Mortgage length (years)
Total length, or term, of your original mortgage in years. The most common lengths are 30 years and 15 years.

Original mortgage amount
The original amount financed with your mortgage. Not to be confused with the remaining balance or principal balance.

Additional monthly payment
Your proposed extra payment per month. This payment will be used to reduce your principal balance.

Scheduled payment
Monthly principal and interest payment (PI) based on your original mortgage amount, term and interest rate.

Accelerated payment
Scheduled payment plus additional monthly payment.

Total savings
Total amount you would save in interest if you made the accelerated payment until your mortgage was paid in full.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.


 

 

 

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Serving Dallas, Collin, Denton, Hunt, Ellis, Tarrant, Kaufman, Johnson, Navarro,

McLennan. Bosque and Hill Counties

Sharon Littlejohn NMLS #32965

 

 

Service First Mortgage is licensed under the laws of the state of Texas and by state law is subject to regulatory oversight by the Texas Savings and Loan Department.

PURSUANT TO THE REQUIREMENTS OF SECTION 157.007 OF THE TEXAS

MORTGAGE BANKER ACT, CHAPTER 157, TEXAS FINANCE CODE, YOU ARE

HEREBY NOTIFIED OF THE FOLLOWING:

COMPLAINTS REGARDING A LICENSED RESIDENTIAL

MORTGAGE LOAN ORIGINATOR SHOULD BE SENT TO THE

TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE

LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS

78705. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT

1-877-276-5550.

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF

CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS

CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN

ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE

RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE

DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION

ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEB

SITE AT WWW.SML.TEXAS.GOV.

     

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