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Mortgage Acceleration Calculator
FREEandCLEAR Calculator

Mortgage Acceleration Calculator

Determine how much money you can save and how quickly you can pay-off your mortgage by accelerating your fixed rate mortgage (paying more than your required monthly mortgage payment). Understand how mortgage acceleration reduces the number of required monthly payments and lowers total interest expense over the term of the mortgage. The graph below the table illustrates how mortgage acceleration reduces the term of a mortgage and accelerates the pay-down of mortgage principal

Inputs
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When you provide your personal info we may connect you with mortgage acceleration program providers. You can accelerate your loan on your own without paying a third party but these providers automate the process for a fee
 
 
By clicking "CALCULATE" you authorize companies to contact you using the information you provided. This authorization overrides any previous registrations on federal, state, or private Do Not Call registries or any private solicitation preference you previously expressed. You agree that lenders may use automatic dialing systems to make calls to any phone number entered, even to a cell phone or other service for which the called party is charged. You understand that consent is not a condition of purchase.
Outputs
With No Acceleration
 
 
 
 
With Acceleration
 
 
Your required mortgage payment plus the amount of your monthly overpayment
 
The number of required mortgage payments when you overpay your mortgage. Accelerating your mortgage reduces the number of required monthly payments
 
Reduction in the required number of monthly mortgage payments when you overpay your mortgage as compared to the required number of mortgage payments when you do not overpay
 
Total interest expense over the life of the mortgage when you overpay your mortgage. Accelerating your mortgage reduces the total interest expense over the life of the mortgage
 
Reduction in total interest expense over the life of the mortgage when you overpay your mortgage as compared to total interest expense when you do not overpay
 
 
Thank you for submitting your calculation. We may provide your information to a mortgage acceleration program provider. Continue to use the calculator and perform as many calculations as you like as your contact info is only submitted once.
 
 
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Rate:  
Points  More Info:
Points: Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
 
Total Lender Fees:  
Loan type:  
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Loan to Value:  
Credit Rating:  
Date Submitted:  
Monthly Housing Payments
P & I More Info
Principal & Interest: A periodic payment, usually paid monthly, that includes the interest charges for the period plus an amount applied to the reduction of the principal balance.
Mortgage Insurance More Info
Mortgage Insurance: The monthly cost for a policy that protects the lender in case you’re unable to repay the full amount of the loan. It is typically required for loans that have a loan-to-value ratio between 80% to 100%.
(Estimated)
Property Tax More Info
Property Tax: (Also called "Real Estate Tax.") Property taxes are government assessments on real estate property. With mortgage financing, the local, county or state tax assessment on real estate property is considered part of the monthly housing obligation and typically collected and set aside by the lender ...
(Estimated)
Homeowner Insurance More Info
Homeowner Insurance: or also commonly called hazard insurance, is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one’s home, its contents, loss of its use, or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.lender ...
(Estimated)
Homeowner Association Fee More Info
Homeowner Association fee: (HOA) fees are funds that are collected from homeowners in a condominium complex to obtain the income needed to pay (typically) for master insurance, exterior and interior (as appropriate) maintenance, landscaping, water, sewer, and garbage costs.
(If Any)
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Lender Fees
Points More Info
Points Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
Origination Fee More Info
Origination Charge: A loan origination charge is a fee charged by the lender for evaluating, processing, and closing the loan.
Credit Report Fee More Info
Credit Report Fee: Fee charged to obtain an applicant’s credit history prepared by one or all of the three major credit bureaus. Used by lender to determine the borrower’s creditworthiness.
Tax Service Fee More Info
Tax Service Fee: A fee charged by the lender to cover the cost of retaining a tax service agency. These agencies monitor the property tax payments on the property and report the results to the lender.
Processing Fee More Info
Processing Fee: A processing fee is a charge by the lender for clerical items associated with the loan. Examples of processing include loan set up, organization of loan conditions for underwriting, and preparing required disclosures for the borrower.
Underwriting Fee More Info
Underwriting Fee: A fee charged by the lender to verify information on the loan application, authenticate the property’s value, and perform a risk analysis on the overall loan package.
Wire Transfer Fee More Info
Wire Transfer Fee: In most cases lenders wire funds to escrow companies to fund a loan. Commercial banks that perform this function will charge the lender so the fee is generally passed on to the borrower.
(If Any)
FHA Upfront Premium More Info
FHA Upfront Premium: A fee paid in cash at the close of escrow or more commonly it is financed into the loan. These premiums are pooled together by the FHA and are used to insure the risk of borrower default on FHA loans. FHA upfront premiums are prorated over a five year period, meaning should the homeowner refinance or sell during the first five years of the loan, they are entitled to a partial refund of the FHA upfront premium paid at loan inception.
(If any)
VA funding Fee (If any)
Flood Fee
Other Fees More Info

Other fees could be either additional Administrative Fees that a lender charges or it could be a Flat Fee to cover all lender charges such as: (Origination Fees, Points, Underwriting and Processing Fees, Credit Reports and Tax Service Fees)

The flat fee does not include prepaid items and third party costs such as appraisal fees, recording fees, prepaid interest, property & transfer taxes, homeowners insurance, borrower’s attorney’s fees, private mortgage insurance premiums (if applicable), survey costs, title insurance and related services.

Total Lender Fees
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details.
While we pride ourselves on the quality and breadth of the FREEandCLEAR mortgage calculators please note that they should be used for informational purposes only. Our calculators rely on assumptions by us and inputs and assumptions provided by you, which may be inaccurate. The outputs from our calculators are estimates only and should not be used as the sole basis for making any financial decisions. Always consult multiple financial professionals when determining the mortgage size and program that is appropriate for you.

What Borrower Should Know About Mortgage Acceleration

1

Mortgage Acceleration Basics

Accelerating your mortgage means paying more than the required monthly payment.  For example, if your required monthly mortgage payment is $1,500, you make a payment of $1,700 with the extra $200 going to pay down the principal balance of your mortgage.  When you accelerate your mortgage you pay off your mortgage faster which shortens the length of your loan and saves you money on total interest expense.  Depending on your mortgage amount and interest rate, accelerating your mortgage by even a small amount such as $100 - $200 per month can shave years off of your mortgage and save you tens of thousands of dollars.

2

When You Can Accelerate Your Mortgage

Borrowers have significant flexibility over when and by how much you accelerate your mortgage.  Simply add the amount by which you want to accelerate your mortgage to your monthly payment and indicate to your lender that the extra money is applied to your principal mortgage balance.  You can accelerate your mortgage by $250 one month and $400 the next month and you can start and stop accelerating your mortgage at any point.  So even if you are twelve years into a 30 year loan you can start accelerating your mortgage and realize the financial benefits.

3

Beware of Mortgage Acceleration Scams

Borrowers do not have to pay any extra fees to accelerate their mortgage.  Some lenders and companies offer mortgage acceleration programs to borrowers for a fee; however, you can accelerate your loan on your own for free.  Most mortgage acceleration companies and programs offer borrowers minimal value.  Additionally, many of these companies have engaged in fraud in the past by not applying the extra payment amount to the borrower's mortgage balance.  Borrowers should research mortgage acceleration programs very carefully and generally avoid them.

More FREEandCLEAR Mortgage Resources

Mortgage Guides

How Mortgage Acceleration Works

Review our comprehensive explanation of how you can apply mortgage acceleration to reduce your mortgage term and save you thousands of dollars in interest expense over the life of your loan

Programs

How to Combine Mortgage Acceleration with a Refinance

Understand how to combine mortgage acceleration with a refinance to cut your mortgage length and interest expense without increasing your monthly mortgage payment

Resources

Mortgage Rates

Compare mortgage rates and fees for leading lenders near you.  Comparing multiple lenders is the best way to find the mortgage with the lowest rate and closing costs

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By clicking "GET FREE QUOTES," you authorize selected lenders and FREEandCLEAR to contact you using the information you provided. This authorization overrides any previous registrations on federal, state, or private Do Not Call registries or any private solicitation preference you previously expressed. You agree that lenders may use automatic dialing systems to make calls to any phone number entered, even to a cell phone or other service for which the called party is charged. You understand that consent is not a condition of purchase.