Mortgage Paydown Calculator
Questions about making extra mortgage payments or home loans from UMB Bank?
If you make extra payments toward the principal of your home mortgage or other type of loan, it will save you money in interest over time. Depending on the interest rate of your loan, the savings can be significant.
The principal is the balance of actual amount of money you’ve borrowed and doesn’t include the amount you owe in interest. Because the interest part of your loan is calculated on the amount of principal you still owe, paying down your principal sooner reduces the interest amount you owe over time.
Most loans allow you to make extra payments applied to the principal, which allows you to pay down the money you borrowed faster. Check the terms and conditions of your loan to be sure before you make an extra payment. Typically, you can set up or submit an extra payment in the same way you submit your regular payments.
We know life can be unpredictable. Understanding your lending options can bring peace of mind and help you plan ahead. Check out the consumer loan options from UMB. With competitive rates for home loans, auto loans and personal loans, UMB offers personalized service that’s focused on your needs and financial goals.
Mortgage loan checklist
Use our Mortgage Loan Checklist to gather the necessary documents ahead of time and help you move smoothly through the application process.
Homeownership resources
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Mortgage calculators
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