In an ideal world, you could pay off your mortgage early. Luckily, the ideal world can be a reality for savvy homeowners.
If you choose to pay more than your required monthly mortgage payment, not only will you decrease the time it takes to pay off your mortgage, but you'll also reduce your interest costs.
We have your attention now, don't we? Check out our Prepayment Savings Calculator to learn more. You can enter the additional amount you'd like to pay on your mortgage each month, and the calculator will show you how much sooner you could pay off your mortgage.
Also, you can select an amortization table to see how much less you'll pay in interest over the life of your loan and what your new loan balance will be at the end of each year.
Making additional mortgage payments reduces your interest costs by shortening the time it takes to pay off you mortgage and lowering your balance along the way.
Interested in learning more about your future mortgage options? Find a mortgage loan professional in your area for a free consultation.
This calculator is for informational purposes only. Results are an approximation based on the information you enter. Please speak with a Waterstone Mortgage loan professional for specific information and current market conditions.