Preparing your comparison…
Velocity Banking
Income deposits immediately reduce your balance. Spending and interest increase it.
Payoff forecast
- Total principal
- Total interest*
- Months to payoff
- Total expense*
Existing Mortgage
Monthly payments cover interest and reduce principal. Extra payments speed up payoff.
Payoff forecast
- Total principal
- Total interest*
- Payments remaining
- Total expense*
*Total expense is borrowed principal plus accrued interest, excluding living expenses, taxes/insurance and refinance fees. If unpaid at the end of the projection, interest and expense cover the opening period plus 360 months, not lifetime costs.
Paydown summary
Item
Velocity Banking
Existing Mortgage
Monthly loan payment
Velocity Banking shows average monthly interest through sustained payoff. Existing Mortgage shows scheduled principal and interest plus your extra payment. Taxes and insurance are excluded. Extra funds needed to meet a credit limit are not included in the Velocity Banking average.
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Average principal reduced monthly
Starting principal divided by months to confirmed payoff. Savings deposits and extra payments can shorten that time. Averages are unavailable without confirmed payoff or when payoff is within the opening month.
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Average principal reduced annually
Average annual principal reduction as a percentage of starting principal: 12 divided by payoff months, times 100. This is an average, not the amount paid down in each calendar year.
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Interest as a percent of principal
Total interest through confirmed payoff divided by that loan’s starting principal, times 100. Each loan uses its own starting balance, including any Velocity Banking cash out. Unconfirmed payoff is shown as a dash.
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Equivalent comparison rate
Velocity Banking shows the hypothetical rate on your existing balance over the full original loan term that would incur the same total interest as Velocity Banking. This assumes equal payments, no extra payments and no fees. Existing Mortgage shows your actual fixed rate. These are not lender APR quotes.
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Break-even Velocity Banking rate
The hypothetical constant Velocity Banking rate that would produce the same total interest as your existing mortgage, keeping deposits and expenses fixed and checking sustained payoff. It may exceed the illustrated rate cap and is not an offered rate. A dash means it does not apply or no confirmed result was found between 0% and 100%.
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Balance over time
Projected interest difference
Payoff time difference
Inputs and calculated budget
Paydown table
Month 0 is the opening period; month 1 is the next calendar month. Principal paid is the starting loan amount minus the loan balance and can be negative when the balance grows. Balances match the graph, excluding unposted interest and available cash.
