| Annual interest rate: |
Annual interest rate. Maximum interest rate is 20%.
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| Mortgage length (years): |
Total length, or term, of your original mortgage in years. Most common lengths are 30 years and 15 years.
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| Original mortgage amount: |
The original amount financed with your mortgage, not to be confused with the remaining balance or principal balance.
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| Additional monthly payment: |
Your proposed extra payment per month. This payment will be used to reduce your principal balance.
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| Scheduled payment: |
Monthly principal and interest payment based on your original mortgage amount, term and interest rate.
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| Accelerated payment: |
Scheduled payment plus additional monthly payment.
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| Total savings: |
Total amount you would save in interest if you made the accelerated payment until your mortgage was paid in full.
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