Mortgage Term Calculator | HomeMortgage.com

Mortgage Term Calculator

The Mortgage Term Calculator is intended for homeowners who are considering paying off their home mortgage ahead of the projected payment period. While it's true that no one wishes to be in long-term debt, many mortgages offered by lenders that involve longer payment periods will come packaged with lower home mortgage interest rates than their shorter-term counterparts. By adjusting the amount one pays toward their loan, the length of the mortgage period shortens or extends accordingly, and by doing this, you can save substantially in the long run. Even by adding small amounts of money to your interest payment every month, this can translate to a difference in years off your home mortgage period.

Using the Mortgage Term Calculator

To figure out how you can best leverage your mortgage term, you need only input the dollar amount of your loan, the interest rate (by percentage), and the overall period. Additionally, you will include the amount you're considering adding to your payments each month. HomeMortgage.com is here to help homeowners feel at home with their loan by providing comprehensive tools and resources that allow you to connect with lenders to compare mortgage rates to your family's advantage.


Input Information
Loan Information
Amount : ($)
Interest Rate : (%)
Length : (Years)
Considered Monthly Payment
Monthly Payment : ($)
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Financial Analysis (Switch to Plain English)
Original Payment : $1,342.05
New Payment : $1,304.12
New Length of Loan : 32 Years 2 Months
Plain English Help (Switch to Financial Analysis)

If you start to pay more or less toward your mortgage each month than the original payment amount, you can save or add a number of years to the length of your mortgage. Even the difference of just $40 can save you a couple of years or add a couple years to the length of your payment.

If you took out a mortgage loan for $250,000.00 with a 5.000% interest rate, for example, you could expect to pay $1,342.05 per month. If you change your payment to $1,304.12, however, you will have to pay on your mortgage for 32 year(s) and 2 month(s) instead of 30 years.

DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. Please consult your own financial advisor.