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When you know what to expect, you can be ready for anything.

Deciding to purchase a new home is a huge first step, but there are many more steps to come. Finding the right home. Monitoring your loan status. Approvals. Purchase negotiations. And much more. That’s why The Palmetto Bank has compiled a Home Purchase Basics list just for you. With these helpful tips and information, you truly can be ready for anything.

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Mortgage Payoff Calculator
This financial calculator helps determine how much interest you save by increasing your mortgage payment. Click the "Payment Schedule" button below the graph to see a complete amortization payment schedule and how much you can save on your mortgage!

In order to use our Financial Calculators, your Browser must support Java™ applets. It appears that the necessary Java™ Plug-in has not been installed on this computer. A free download of SUN's Java™ Plug-in can be at http://www.java.com/en/download/help/index.jsp. After the install has been completed, you should be able to use all of our calculators.
Annual interest rateThe annual interest rate. The maximum interest rate is 20%.
Mortgage length (years)The total length, or term, of your original mortgage in years. The most common lengths are 30 years and 15 years.
Original mortgage amountThe original amount financed with your mortgage, not to be confused with the remaining balance or principal balance.
Additional monthly paymentYour proposed extra payment per month. This payment will be used to reduce your principal balance.
Scheduled paymentYour monthly principal and interest payment based on your original mortgage amount, term and interest rate.
Accelerated paymentThe scheduled payment plus additional monthly payment.
Total savingsThe total amount you would save in interest if you made the accelerated payment until your mortgage was paid in full.

This calculator is for illustrative purposes only. The information shown is designed to provide basic information about mortgage financing. Please consult with your tax advisor to determine the tax impact of home ownership and interest deductibility for your individual circumstances.
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