Smart Web Apps Mortgage Repayment Calculator
Category

Mortgage Repayment Calculator

Estimate mortgage payment and see how extra payments can reduce payoff time and interest. This is a simplified model (doesn’t include escrow/taxes/insurance).

Enter mortgage details, then click Calculate.
Applied every month in addition to the scheduled payment.
Results
Monthly payment (scheduled)
—
Total interest (scheduled)
—
Extra payment impact
Payoff time with extra
—
Interest saved (approx.)
—
Formula
Schedule preview (first 12 payments)
# Payment Interest Principal Balance

Tool description

This mortgage calculator estimates the scheduled monthly payment using the standard amortization formula. It also simulates the payoff timeline if you add a fixed extra amount each month.

How to use

  1. Enter mortgage amount, APR, and term.
  2. Optionally add a fixed extra monthly payment.
  3. Calculate to see monthly payment, interest, payoff time, and interest saved.

Why it’s useful

  • Understand the long-term cost of interest.
  • Test how small extra payments can accelerate payoff.
  • Compare refinancing or term changes.

Use cases & interpretation

  • Extra payments: model $100–$500/month and compare interest saved.
  • Term comparison: 15 vs 30 years.
  • Budgeting: understand the scheduled payment (principal + interest only).

FAQs

No. This tool estimates principal + interest only. Escrow items vary by location and policy.

This model assumes extra payments reduce principal immediately. Your lender may have specific rules; confirm in your mortgage agreement.
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