Mortgage Payoff Calculator

Warning: Your Mortgage Company May Not Want You To Know This!

As far as your lender is concerned, they would be just as happy if you didn't know how much interest you can save by paying a little extra on your mortgage payment each month.

This calculator will show you your interest savings by paying a little extra.

Mortgage Payoff

Mortgage repayment shortened by EARLY_PAYOFF_YEARS years and EARLY_PAYOFF_MONTHS months.

By increasing your mortgage payment INCREASE_BY_AMT per month you not only shorten your mortgage, but it will also save you EARLY_PAYOFF_SAVINGS in interest.

Mortgage Payoff Summary Original term MORTGAGE_YRS_LENGTH Years Remaining MORTGAGE_YRS_LEFT Years Interest rate RATE Normal payment (PI) PI_PAYMENT Prepayment amount INCREASE_BY_AMT per month Prepayment shortens mortgage by EARLY_PAYOFF_YEARS years, EARLY_PAYOFF_MONTHS months Prepayment savings EARLY_PAYOFF_SAVINGS

Payment schedule

---

**REPEATING GROUP**

---

Information and interactive calculators are made available to you as self-help tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

" >This Financial Calculator requires a Browser with Java Support

Definitions

 

Annual interest rate (APR) The yearly cost of a mortgage, including interest, mortgage insurance, and the origination fee (point(s)), expressed as a percentage. Maximum APR is 20%.   Mortgage length (years) Total length, or term, of your original mortgage in years. Most common lengths are 30 years and 15 years.   Original mortgage amount The original amount financed with your mortgage. Not to be confused with the remaining balance or principal balance.   Additional monthly payment Your proposed extra payment per month. This payment will be used to reduce your principal balance.   Scheduled payment Monthly principal and interest payment (PI) based on your original mortgage amount, term and interest rate.   Accelerated payment Scheduled payment plus additional monthly payment.   Total savings Total amount you would save in interest if you made the accelerated payment until your mortgage was paid in full.

Information and interactive calculators are made available to you as self-help tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.