Extra Mortgage Payment Calculator

Accelerated mortgage payoff calculator

- Step 1 of 4

Today's Rate

Property State: *Select oneALAKAZARCACOCTDEFLGAHIIDILINIAKSKYLAMEMDMAMIMNMSMOMTNENVNHNJNMNYNCNDOHOKORPARISCSDTNTXUTVTVAWAWVWIWY

Type of Home *Select OneSingle FamilyMulti-FamilyTownhouseCondominium

Your Credit Profile *Select OneExcellentGoodFair Poor

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Step 2 of 4 - Needs Assessment

Are you looking to purchase or refinance? *Select OnePurchaseRefinance

Purchase

Have you already found a property to purchase? *

• Yes
• No

Is this your first time purchasing a home? *

• Yes
• No

What is the intended use of the property? (copy) *Select OnePrimary ResidenceVaction HomeInvestment Property

How long do you plan on keeping the property? *Select OneLess than a year1 - 5 years6 - 10 years11 - 15 years16 - 20 years21 - 25 years21 - 25 years26 - 30 years30 + yearsI don't know right now

Estimate the value of the property you wish to purchase: *Select OneLess than $100,000$100,000 - $120,000$120,000 - $140,000$140,000 - $160,000$160,000 - $180,000$180,000 - $200,000$200,000 - $220,000$220,000 - $240,000$240,000 - $260,000$260,000 - $280,000$280,000 - $300,000$300,000 - $325,000$325,000 - $350,000$350,000 - $375,000$375,000 - $400,000$400,000 - $425,000$425,000 - $450,000$450,000 - $475,000$475,000 - $500,000$500,000 - $525,000$525,000 - $550,000$550,000 - $575,000$575,000 - $600,000$600,000 - $625,000$625,000 - $650,000$650,000 - $675,000$675,000 - $700,000$700,000 - $725,000$725,000 - $750,000$750,000 - $775,000$775,000 - $800,000$800,000 - $825,000$825,000 - $850,000$850,000 - $875,000$875,000 - $900,000$900,000 - $925,000$925,000 - $950,000$950,000 - $975,000$975,000 - $1,000,000$1,000,000 - $1,100,000$1,100,000 - $1,200,000$1,200,000 - $1,300,000$1,300,000 - $1,400,000$1,400,000 - $1,500,000$1,500,000 +

Refinance

Your reason for refinancing is? *Select OneLower my monthly paymentsGet a lower interest rateChange the terms of my loanCash outHome Equity Line of creditReverse mortgageOther

What is your current loan program? *Select OneFixedAdjustableHelp me decide whats best for me

Estimate your current interest rate: *Select OneLess than 2.00%2.25%2.50%2.75%3.00%3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%5.25%5.50%5.75%6.00%6.25%6.50%6.75%7.00%7.25%7.50%7.75%8.00%8.25%8.50%8.75%9.00%9.25%9.50%9.75%10.00%10.25%10.50%10.75%11.00%11.25%11.50%11.75%12.00% +

Estimate the current value of the property *Select OneLess than $100,000$100,000 - $120,000$120,000 - $140,000$140,000 - $160,000$160,000 - $180,000$180,000 - $200,000$200,000 - $220,000$220,000 - $240,000$240,000 - $260,000$260,000 - $280,000$280,000 - $300,000$300,000 - $325,000$325,000 - $350,000$350,000 - $375,000$375,000 - $400,000$400,000 - $425,000$425,000 - $450,000$450,000 - $475,000$475,000 - $500,000$500,000 - $525,000$525,000 - $550,000$550,000 - $575,000$575,000 - $600,000$600,000 - $625,000$625,000 - $650,000$650,000 - $675,000$675,000 - $700,000$700,000 - $725,000$725,000 - $750,000$750,000 - $775,000$775,000 - $800,000$800,000 - $825,000$825,000 - $850,000$850,000 - $875,000$875,000 - $900,000$900,000 - $925,000$925,000 - $950,000$950,000 - $975,000$975,000 - $1,000,000$1,000,000 - $1,100,000$1,100,000 - $1,200,000$1,200,000 - $1,300,000$1,300,000 - $1,400,000$1,400,000 - $1,500,000$1,500,000 +

Estimate your current loan balance: *Select OneLess than $100,000$100,000 - $120,000$120,000 - $140,000$140,000 - $160,000$160,000 - $180,000$180,000 - $200,000$200,000 - $220,000$220,000 - $240,000$240,000 - $260,000$260,000 - $280,000$280,000 - $300,000$300,000 - $325,000$325,000 - $350,000$350,000 - $375,000$375,000 - $400,000$400,000 - $425,000$425,000 - $450,000$450,000 - $475,000$475,000 - $500,000$500,000 - $525,000$525,000 - $550,000$550,000 - $575,000$575,000 - $600,000$600,000 - $625,000$625,000 - $650,000$650,000 - $675,000$675,000 - $700,000$700,000 - $725,000$725,000 - $750,000$750,000 - $775,000$775,000 - $800,000$800,000 - $825,000$825,000 - $850,000$850,000 - $875,000$875,000 - $900,000$900,000 - $925,000$925,000 - $950,000$950,000 - $975,000$975,000 - $1,000,000$1,000,000 - $1,100,000$1,100,000 - $1,200,000$1,200,000 - $1,300,000$1,300,000 - $1,400,000$1,400,000 - $1,500,000$1,500,000 +

Any Information you share is secure. It will not be sold or reused

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Select up to three loan programs

What type of loan program are you considering?Select OneGovernment (FHA or VA)JumboNew ConstructionOtherHelp me decide whats best for me

Are you looking for a fixed or adjustable rate? *Select OneFixedAdjustableHelp me decide whats best for me

What term (length) of loan are you considering? *Select One15 year30 yearOtherHelp me decide whats best for me

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Your financial situation will fluctuate throughout the term of your mortgage loan. You might be in a healthier financial position at different periods of the mortgage term. Various life events, such as work bonuses or inheritances, may create large sums that will allow you to pay down or off your mortgage faster. If you pay down your mortgage with a large sum, ask your Lender about Recasting your mortgage. This will allow you to reduce your monthly payment by resetting your mortgage payment based on the current balance.

Extra principal payment calculator

Using a mortgage calculator will help determine your new payment based on the large sum you plan on applying to the mortgage. It also offers a loan comparison from its original arrangement to the new monthly payments to match your payoff goal. The mortgage calculator doesn’t just show you how much more you’ll need to pay to cut your principal debt faster, and it also shows you how much you’ll save in interest.
Enter various options in your calculator to maximize your savings and find the solution that fits you best. After all, it’s a professional investment transaction rather than a home purchase. You can also choose to refinance your loan on a shorter term to lower your overall interest expense dramatically.

Pros and cons of early mortgage payments

Paying off your debt is a decision that requires some thought. Analyze whether supplemental payments towards your home are the right decision for you. Consider the market influences, existing investments, and your job security. Contact the Cain Mortgage Team today and we can explain to you the pros and cons of early payments on your Mortgage.

Contact the Cain Mortgage Team Today!