How does the different extra payment schedule affect the interest, pay off time?

[compiler]

What is the name of your state? GA
Assuming the loan is 10 years at 5.5% with the loan amount of $100,000. The first mortgage payment starts January.

Option 1: Pay extra payment $300 every month until pay off.
Option2: Pay 3600 (300 x 12) at the end of each year until pay off.

I would like to compare the total interest and pay off time between two options. Do you know how much the difference will be or you know a good online mortgage calculator can fulfill such comparison? Thanks.

 

[JETX]

What is the name of your state? GA
Assuming the loan is 10 years at 5.5% with the loan amount of $100,000. The first mortgage payment starts January.

Option 1: Pay extra payment $300 every month until pay off.
Option2: Pay 3600 (300 x 12) at the end of each year until pay off.

I would like to compare the total interest and pay off time between two options. Do you know how much the difference will be or you know a good online mortgage calculator can fulfill such comparison? Thanks.

Google 'amortization calculator'.

 

[Samm1970]

I don't have an amortization calculator that will calculate a one time annual principle payment. Without a doubt your $300 monthly payment will payoff your loan faster than the one time per year payment.

 

[PghREA]

Try this.

http://www.hsh.com/calc-amort.html

 

[aaron_1]

this accelerated mortgage payoff calcualtor should answer your question:

http://iloancalculator.com/calculators/accelerated_mortgage_payoff_calculator.html

there many nice mortgage calculators on thi site worth checking out.

aaron