Mortgage calculator extra payment option
The down payment is money you give to the home's seller. Their pockets are teaming with money that was originally meant to support your family's future financial well-being -- but instead is being used to build lavish tennis courts and swimming pools in backyards of their second and third mansions. If you're getting a mortgage to buy a new home, you can find this number by subtracting your down payment from the home's price. To calculate the savings, click "Show Amortization Schedule" and enter a hypothetical amount into one of the payment categories monthly, yearly or one-time and then click "Apply Extra Payments" to see how much interest you'll end up paying and your new payoff date. Select One Time Only extra payment Select Jan and for when you'll make the extra payment Just change this field to any YEAR AFTER the One Time Only payment will be made. Believe it or not there are lending institutions out there that will penalize you for attempting to reduce the massive bonuses they pay to the top executives -- despite the fact that they will still make a great deal of money on your house loan.