Jorbins.com's Advanced Mortgage Prepayment Calculator compares the effect of two different extra payments to the principal on a mortgage.
First you need to set up the mortgage by entering the mortgage amount, interest rate, and the mortgage term(years). Next enter the amount of the first prepayment as well as the frequency. After you set up your first prepayment just enter a second prepayment amount and frequency for a comparison.
The Mortgage Prepayment Calculator will generate amortization tables for each prepayment highlighting when a prepayment has been made.
The calculator will also generate a table showing the interest saved, number of payments saved, and the number of years/months saved.
