Definition: The mortgage with extra payment calculator is a tool used to estimate how much additional money will need to be paid each month for the remaining amount of your mortgage after you make the regular monthly payments. Specifically, it calculates the extra amount required based on the current rate and length of time until the loan's maturity. It does this by taking into account the percentage increase in interest rates during the term of the loan and then calculating how much that increase will cost you each month. The calculator then adjusts your total monthly payment to reflect the new amount due. This can be useful for borrowers who want to know how much additional money they should be paying on their mortgage, or for lenders who need to estimate what extra costs they may incur with a longer-term loan arrangement.
You've scored 50% OFF Factor 🤤
Forget the empty fridge stare-down. Factor delivers fresh meals to your door. Just heat & eat!
Click to sign up for FACTOR_ meals.