Mortgage Payoff Calculator
How much interest can you save by increasing your mortgage payment? The mortgage payoff calculator helps you find out. Click the "View Report" button to see a complete amortization payment schedule and how much you can save on your mortgage.
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Mortgage payoff inputs:Press spacebar to hide inputs | Total savings $20,806 |
Years Remaining
Total number of years remaining on your original mortgage.
Original mortgage term
Total length, or term, of your original mortgage in years. Common terms are 15, 20 and 30 years.
Original mortgage amount
The original amount financed with your mortgage, not to be confused with the remaining balance or principal balance.
Additional principal payment
Your proposed extra payment amount per month. This amount will be used to further reduce your principal balance.
Annual interest rate
The annual interest rate used to calculate your monthly payment. Please note that the interest rate is different from the Annual Percentage Rate (APR), which includes other expenses such as mortgage insurance, and the origination fee and or point(s), which were paid when the mortgage was first originated. The APR is normally higher than the simple interest rate.
Mortgage payoff result summary:
Press spacebar to show inputs |
Current mortgage payment
Monthly principal and interest payment (PI) based on your original mortgage amount, term and interest rate.
Monthly accelerated payment
Scheduled payment plus your additional principal payment.
Total savings
Total amount you would save in interest if you made the accelerated payment until your mortgage was paid in full.
Mortgage Balances and Interestpress spacebar to hide graph |
Additional Functions
Click this menu to access additional calculator functions including:
Reset to Defaults: Click the "Reset to Defaults" button to reload the default values for this calculator.
Clear all Fields: Click the "Clear all Fields" button to clear all entry fields and reset any radio buttons or drop downs to their default values.
email: Click to create an email. Your email program will open with a new email and a brief summary of the calculator results. A link will also be generated as part of the email. When this link is clicked, the calculator page and the values used to create the email will open in a internet browser tab.
Save a copy*: This allows you to save a copy of your entries. Up to 10 sets of data are allowed for each calculator. All data is stored locally and encrypted within your browser. The data is not transmitted over the Internet.
* Note: The "Save a Copy" function is temporary and will only retain information until you clear your browser's cache.
Definitions
Annual interest rate
The annual interest rate used to calculate your monthly payment. Please note that the interest rate is different from the Annual Percentage Rate (APR), which includes other expenses such as mortgage insurance, and the origination fee and or point(s), which were paid when the mortgage was first originated. The APR is normally higher than the simple interest rate.
Original mortgage term
Total length, or term, of your original mortgage in years. Common terms are 15, 20 and 30 years.
Years Remaining
Total number of years remaining on your original mortgage.
Original mortgage amount
The original amount financed with your mortgage, not to be confused with the remaining balance or principal balance.
Additional principal payment
Your proposed extra payment amount per month. This amount will be used to further reduce your principal balance.
Current mortgage payment
Monthly principal and interest payment (PI) based on your original mortgage amount, term and interest rate.
Monthly accelerated payment
Scheduled payment plus your additional principal payment.
Total savings
Total amount you would save in interest if you made the accelerated payment until your mortgage was paid in full.
Definitions
The annual interest rate used to calculate your monthly payment. Please note that the interest rate is different from the Annual Percentage Rate (APR), which includes other expenses such as mortgage insurance, and the origination fee and or point(s), which were paid when the mortgage was first originated. The APR is normally higher than the simple interest rate.
Total length, or term, of your original mortgage in years. Common terms are 15, 20 and 30 years.
Total number of years remaining on your original mortgage.
The original amount financed with your mortgage, not to be confused with the remaining balance or principal balance.
Your proposed extra payment amount per month. This amount will be used to further reduce your principal balance.
Monthly principal and interest payment (PI) based on your original mortgage amount, term and interest rate.
Scheduled payment plus your additional principal payment.
Total amount you would save in interest if you made the accelerated payment until your mortgage was paid in full.