This calculator is one of the greatest tools that you have available to save you money on your mortgage. This calculator will provide you with the details that you need to know if you are planning on taking advantage of any prepayment or payment increase features. These features are some of the best ways to save money on your mortgage, so it is a good idea to use this calculator and use it frequently. Basically, what this calculator does is that it will calculate how much money you will save if you use a prepayment or a payment increase.

Prepayment Analyzer Calculator

To determine your payment analyzer, visit the mortgage calculator and answer the7 questions about your financial situation. To use true information follow the following rules:

• Mortgage Amount: Enter the total amount of your mortgage or the amount that you would like to borrow.
• Mortgage Interest Rate: Enter the interest rate you would like to use for calculating your payment and amortization schedule.
• Initial Amortization Period: Enter a number indicating how many years you would like to pay your mortgage until it is paid in full. 25 years is standard.
• Initial Mortgage Payment:Based on the information entered above, you can press the red compute button, and it will automatically determine what your total monthly mortgage payment is.The payment corresponds to the selected frequency.
• Payment Frequency: Select how often you would like to make your mortgage payments. Number of payments per year: Monthly: 12/year, Semi-Monthly: 24/year, Bi-Weekly: 26/year, Weekly: 52/year
• Lump Sum Payment (Annually):  Enter how much you would like to pay down your mortgage annually by lump sum payments, and enter how many years you would like to make this lump sum payment for.
• Mortgage Payment Increase (Annually): Enter how much you would like to increase your mortgage payments annually, and enter how many years you would like to increase your payments for.

After you have completed these steps, press the ‘Compute Results’ button and your results will appear below. It will say the following:

“Revised Amortization period X Year(s) and Y Month(s). This also represents a savings of $ in interest.”

How is the Prepayment Analyzer Calculator Useful?

This calculator is very useful for many reasons, the most important reason is that it will indicate how much money you will save if you put more money towards the principle balance of your mortgage. This mortgage calculator calculates the following items:

• Calculate Mortgage Payments: This calculator can calculate your mortgage payments with any type of payment, it can calculate your maximum mortgage amount based on your payments, and it can calculate your amortization based on your payments and mortgage amount.
• Calculate Savings if you Increase your Mortgage Payments: With the terms you have chosen, you can calculate how many years you can shave off of your amortization by making lump sum payments in one year or over a series of years.
• Calculate Savings if you make Lump Sum Payments: With the terms you have chosen, you can calculate how many years you can shave off of your amortization by increasing your mortgage payments in one year or over a series of years.

Based on what you had entered into the calculator, you can create an amortization schedule for the details you have setup. This will show you exactly how much you will pay in interest with the details you have create in the mortgage prepayment calculator. By effectively using this calculator, you can determine exactly how much money you can save by paying down your mortgage.

Do you make prepayments or increase your mortgage payment? What is your strategy for paying down your mortgage?