dcsimg
We research, you save.
Got Questions On Rates? (855) 610-2972

How do I calculate my prepayment savings?

By   |  Posted in Ask The Expert

Q: My mortgage balance is $37,500, the interest rate is 5.99 percent, the maturity date 2019. I have been making periodic principle payments. Do you have a calculator that will provide information on how to pay off my mortgage given my current balance and making principle payments?

A: Most of HSH.com's prepayment calculators allow for regular additional payments of principal and will tell you when the loan will end and what your savings will be. Specifically, HSH.com’s It's My Term Prepayment Calculator allows you to enter the date when you want your loan to end and will tell you how much you'll need to pay to make that happen.

If you are making occasional, irregular prepayments of principal, we do have a calculator you can use, but you will need to download it and install it locally on your windows-based computer. You should visit www.hsh.com/hbcalc.html and download version 2.2.05 of HSH.com's Homebuyer's Calculator Suite.

Once you have downloaded and installed it, you can run your loan's amortization using the dropdown for "Amortization"; put in the basic loan parameters of start date, rate and term, then calculate payments.

Next, add your irregular prepayments one at a time on the dates you made them. Click "add prepayments," then using the "single payment" selection, select the payment number where you included extra cash and the amount, then click "apply extra." Repeat as needed for all the prepayments you made, and the updated results will appear at the bottom.

More help from HSH.com

  • Mortgage Rates Radar 07/26/2016: Mortgage rates tick higher again this week

    HSH.com releases its latest Weekly Mortgage Rates Radar showing a third small uptick in mortgage rates during the seven-day period ending July 26, as markets wait for data to further assess the repercussions of last month's "Brexit" vote. The Weekly Mortgage Rates Radar reports the average rates and points offered by lenders for the two most popular types of mortgages, the conforming 30-year fixed-rate mortgage and the conforming 5/1 adjustable-rate mortgage (ARM).
  • Mortgage Rates Radar 07/19/2016: Mortgage rates firm slightly

    HSH.com releases its latest Weekly Mortgage Rates Radar revealing a slight increase in popular mortgage rates during the seven-day period ending July 19, as warmer economic data and more-stable financial markets have formed as the tumult of the Brexit vote falls away. The Weekly Mortgage Rates Radar reports the average rates and points offered by lenders for the two most popular types of mortgages, the conforming 30-year fixed-rate mortgage and the conforming 5/1 adjustable-rate mortgage (ARM).
  • I’m in the National Guard, am I eligible for VA benefits?

    Yes. National Guard and Reserve members may qualify for a VA home loan. According to VA.gov, National Guard and Reserve members must meet one of the following conditions...
  • Mortgage Rates Radar 07/12/2016: Fixed mortgage rates creep toward record lows

    HSH.com releases its latest Weekly Mortgage Rates Radar showing still-declining mortgage rates during the seven-day period ending July 12, as global investors continue to try to find safe and positive returns in uncertain markets. The Weekly Mortgage Rates Radar reports the average rates and points offered by lenders for the two most popular types of mortgages, the conforming 30-year fixed-rate mortgage and the conforming 5/1 adjustable-rate mortgage (ARM).
  • Can I use a VA mortgage to purchase investment properties?

    The answer is "probably not," or at least "not directly or immediately."