It may be to your advantage—or disadvantage—to break your current fixed rate mortgage.
Follow this link to a quick calculator that will show you the cost of the penalty associated with paying off your mortgage before the maturity date. It assumes you are paying off your fixed rate closed mortgage today. This is meant to be an illustration of the penalty and the amount may vary. Please contact us to find out your exact prepayment penalty.
There are many features designed to help you to build home equity faster and save money over the life of your mortgage.
This calculator allows you to see the effects of accelerated payment frequency, making lump sum payments or increasing your mortgage payments. Please refer to your mortgage documentation to determine the features associated with your mortgage.
Original or expected balance for your mortgage.
Annual interest rate for this mortgage.
The number of years over which you will repay this loan. The most common mortgage amortization periods are 20 years and 25 years.
Your principal and interest payment (PI) per period.
Accelerated weekly and bi-weekly payments
Accelerated weekly and accelerated bi-weekly payment options are calculated by taking a monthly payment schedule and assuming only four weeks in a month. We calculate an accelerated weekly payment, for example, by taking your normal monthly payment and dividing it by four. Since you pay 52 weekly payments, by the end of a year you have paid the equivalent of one extra monthly payment. This additional amount accelerates your loan payoff by going directly against your loan's principal. The effect can save you thousands in interest and take years off of your mortgage. The accelerated bi-weekly payment is calculated by dividing your monthly payment by two. You then make 26 bi-weekly payments. Just like the accelerated weekly payments you are in effect paying an additional monthly payment per year.
Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.
Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.
The frequency of prepayment. The options are none, monthly, yearly and a one time payment.
Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.
Start with payment
This is the payment number that your prepayments will begin with. For a one time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation.
Total amount of interest you will save by prepaying your mortgage.
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 can not 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.