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Teachers Credit Union Home Page
Teachers Credit Union Home Page

Mortgage Calculators & Guides

The 30-year, fixed-rate mortgage has long been the most popular among American homebuyers. But in recent years, an increasing number of people have opted for 15-year loans. The shorter term means you'll pay less in interest charges over the life of the loan. But your monthly payments will also be higher. This calculator will help you figure the short-term and long-term costs associated with 15-year and 30-year fixed-rate mortgages.

Paying off your mortgage isn't as simple as it seems. For one thing, you have to account for taxes and insurance in your monthly payments. This calculator will help you figure out your amortization schedule -- that is, your payoff timetable. You can also determine what impact paying extra money each month toward principle will have on your loan length and interest charges.

Do you have a 30-year mortgage? A 15-year mortgage? Not everyone knows this, but you can pay them off much sooner than the names suggest. How? Just increase the amount you are paying toward your mortgage payment and note the additional amount you want applied to your principle in the memo section of your check (or in the additional comments section if paying via Online Banking). Use this calculator to find out how much faster you can pay off your loan and how much money you might save on interest charges over the long haul.