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Annual interest rate:
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Annual interest rate. Maximum interest rate is 20%.
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Mortgage length (years):
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Total length, or term, of your original mortgage in years. Most common lengths are 30 years and 15 years.
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Original mortgage amount:
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The original amount financed with your mortgage, not to be confused with the remaining balance or principal balance.
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Additional monthly payment:
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Your proposed extra payment per month. This payment will be used to reduce your principal balance.
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Scheduled payment:
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Monthly principal and interest payment based on your original mortgage amount, term and interest rate.
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Accelerated payment:
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Scheduled payment plus additional monthly payment.
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Total savings:
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Total amount you would save in interest if you made the accelerated payment until your mortgage was paid in full.
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