Mortgage Payoff Calculator Uses
With this mortgage payoff calculator, estimate how quickly you can pay off your home. By calculating the impact of extra payments, you can learn how to save money on the total amount of interest you’ll pay over the life of the loan.
Planning to Pay Off Your Mortgage Early?
Use the "Extra payments" functionality to find out how you can shorten your loan term and save money on interest by paying extra toward your loan's principal each month, every year, or in a one-time payment.
Understand Your Mortgage Payment
Yourmortgage paymentis defined as your principal and interest payment in this mortgage payoff calculator. When you pay extra on your principal balance, you reduce the amount of your loan and save money on interest.
Keep in mind that you may pay for other costs in your monthly payment, such as homeowners’ insurance, property taxes, and private mortgage insurance (PMI). For a breakdown of your mortgage payment costs, try ourfree mortgage calculator.
Accelerate Your Mortgage Payment Plan
Get creative and find more ways to make additional payments on your mortgage loan. Making extra payments on the principal balance of your mortgage will help you pay off your mortgage debt faster and save thousands of dollars in interest. Use our free budgeting tool,EveryDollar, to see how extra mortgage payments fit into your budget.
Calculate Different Scenarios
See how early you’ll pay off your mortgage and how much interest you’ll save.
Let’s say your remaining balance on your home is $200,000. Your current principal and interest payment is $993 every month on a 30-year fixed-rate loan. You decide to make an additional $300 payment toward principal every month to pay off your home faster. By adding $300 to your monthly payment, you’ll save just over $64,000 in interest and pay off your home over 11 years sooner.
Consider another example. You have a remaining balance of $350,000 on your current home on a 30-year fixed rate mortgage. You decide to increase your monthly payment by $1,000. With that additional principal payment every month, you could pay off your home nearly 16 years faster and save almost $156,000 in interest.
