Mortgage Length Calculator

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Length : (Years)
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Monthly Payment : ($)

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Financial Analysis (Switch to Plain English)
Original Payment : $1,342.05
New Payment : $1,304.12
New Length of Loan : 32 Years 2 Months
Plain English Help (Switch to Financial Analysis)

If you start to pay more or less toward your mortgage each month than the original payment amount, you can save or add a number of years to the length of your mortgage. Even the difference of just $40 can save you a couple of years or add a couple years to the length of your payment.

If you took out a mortgage loan for $250,000.00 with a 5.000% interest rate, for example, you could expect to pay $1,342.05 per month. If you change your payment to $1,304.12, however, you will have to pay on your mortgage for 32 year(s) and 2 month(s) instead of 30 years.

"DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. Please consult your own financial advisor. All rates and payments quoted are based on use inputed values and are not representative of current market conditions or available rates or programs. This does not constitute a commitment to lend. All loans subject to full underwriting approval and satisfactory appraisal. Program subject to change without notice. Individual(s) listed are employees of Legacy Group Lending, Inc., NMLS ID #4455, WA license #520-CL-48724. Affiliated companies: Legacy Group Capital, LLC NMLS #999045, WA license #520-CL-43276, Legacy Group Escrow, LLC License # 540-EA-40580. For complete licensing information, visit www.LegacyG.com/Licensing."