About Bloomberg Mortgage Calculator: http://www.bloomberg.com/invest/calculators/mortgage.html
One interesting feature is that you can find how much interest you can save on your mortgage loan if you put a few more dollars a month towards your principal.
In this example I will use a $100,000 mortgage at 6% for 30 years. I will put $75 extra a month. I will now show you how much interest you will save on your mortgage loan:
Your monthly payment is: $599.55
Your total payment including the principal and teh interest is: $215,838.44
Your total interest paid is: $115.838.44
If you put an extra $75 a month starting the first month:
You will save$33,006.85 in interest and you how will be paid in 22 years and 8 months...
That is a lot of savings! Go and play with it! If you have question about that mortgage calculator, please email me or add a comment!
Enjoy!
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