The cost of a mortgage will continue to grow over the length of the loan. Over time, interest can add thousands of dollars to what you owe for your home. The quicker you payoff the mortgage, the less time that interest has to accrue, and the less you’ll need to pay. This calculator will show how much you can save in time and money by adding to your monthly payment amount.
Enter your price of the home as the Home Price and adjust the sliders to match the parameters of your mortgage. To see how much you can save by adding to your monthly payment, adjust the slider for the Added Monthly Amt. You can now compare the difference in payoff dates, total interest paid, and total amount paid for your home between paying the minimum payments and adding a bit more each month.
While First Southern National Bank hopes you find this content useful, it is only intended to serve as a starting point. Your next step is to speak with a qualified, licensed professional who can provide advice tailored to your individual circumstances. Nothing in this article, nor in any associated resources, should be construed as financial or legal advice. Furthermore, while we have made good faith efforts to ensure that the information presented was correct as of the date the content was prepared, we are unable to guarantee that it remains accurate today.
Neither Banzai nor its sponsoring partners make any warranties or representations as to the accuracy, applicability, completeness, or suitability for any particular purpose of the information contained herein. Banzai and its sponsoring partners expressly disclaim any liability arising from the use or misuse of these materials and, by visiting this site, you agree to release Banzai and its sponsoring partners from any such liability. Do not rely upon the information provided in this content when making decisions regarding financial or legal matters without first consulting with a qualified, licensed professional.