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#WELLS FARGO MORTGAGE CALCULATOR FOR FREE#
#WELLS FARGO MORTGAGE CALCULATOR HOW TO#
#WELLS FARGO MORTGAGE CALCULATOR PLUS#

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#WELLS FARGO MORTGAGE CALCULATOR FOR FREE#

To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective. The good news is that you can avoid the prepayment penalty by waiting until it no longer applies or, in some cases, talking directly with your lender about it.

That amount can be hefty-often as much as 2% of the mortgage amount-enough to impact your calculations about early payoffs. You may have to pay a prepayment penalty if you pay off your mortgage within the first few years of the life of the loan.

#WELLS FARGO MORTGAGE CALCULATOR HOW TO#

Related: How To Pay Off Your Mortgage Early: 5 Simple Ways Is There a Penalty For Paying Off My Mortgage Early? This would cause your monthly payment to go up, but you’d save money in the long run. Refinancing could secure you a lower interest rate and even shorter terms. You can also consider refinancing your mortgage. Just make sure your lender applies the payments to the principal, not just the interest. Another approach is to make additional payments. The calculator above can show you what that will cost, but make sure you have the discipline and the means to do so. You can always allocate more money each month. But there are a few different approaches: If you have the means, and the numbers make sense, it can be a smart financial decision to pay off your mortgage early.

#WELLS FARGO MORTGAGE CALCULATOR PLUS#

The result will give you your new monthly all-in cost which includes your scheduled payment plus the additional principal payment as well as your total savings, or the amount you would save in interest if you switched to making accelerated payments. So be sure to have those numbers handy to add to your mortgage payment and to help determine whether you can accelerate payments. Keep in mind that your mortgage calculator results won’t include insurance or escrow for taxes. Next, you’ll play around with additional principal payments that you can comfortably handle each month. These are your starting points for plugging numbers into the calculator. This does not include current home insurance or tax escrow.

Current mortgage payment: The monthly payment, principal and interest, based on your original mortgage (amount, interest rate and term).

The APR is higher because it does include these fees. It does not include private mortgage insurance, the origination fee or point(s) paid at the beginning of the mortgage, which is why this rate is lower than your Annual Percentage Rate (APR).

Annual interest rate: The simple interest rate on your loan.

Remember, this includes interest, so don’t confuse it with the remaining principal balance.

Original mortgage amount: The amount you first financed.

Terms of 15, 20 and 30 years are most common. Original mortgage term: The length of your original mortgage in years.Years remaining: How many more years are left in your mortgage term.Here is some lending terminology you might need to know, so you’re plugging the correct numbers into the mortgage payoff calculator: