How do I figure out how much prepaying will save me?

Question

I have a mortgage with 6.125% interest. I have some money that I can use to pay down the balance, or I could use it for other expenses or to save, etc. How do I figure out how much money I will save in the long run by prepaying?

Answer 1

Try this web site - it is a pre-payment calculator with the option for ongoing additional payments or a one-time prepayment,  Hope it helps.

http://www.bloomberg.com/invest/calculat...