Frequently Asked Questions (FAQ)
What is a mortgage payoff calculator?
This tool shows you how much faster you can pay off your mortgage by making extra payments. It calculates your new payoff date and your total interest savings.
How do I use this calculator?
Simply enter your original Loan Amount, Interest Rate, and Loan Term (Years). Then, add the Extra Monthly Payment you plan to make.
How do extra payments work?
Extra payments go directly toward your principal loan balance. This reduces your debt faster, which means you pay less total interest and get out of debt sooner.
Can this calculator tell me how much mortgage I can afford?
No. This is a payoff calculator for a loan you already have. An affordability calculator estimates how much you can borrow based on your income.
Can this calculator tell me how much mortgage I can afford?
No. This is a payoff calculator for a loan you already have. An affordability calculator estimates how much you can borrow based on your income.
Does this calculator include taxes and insurance (PITI)?
No. This calculator focuses only on your principal and interest (P&I). It does not include extra costs like property taxes, homeowners’ insurance, or PMI.
Can I use this for any type of loan (like FHA, VA, or a refinance)?
Yes. This tool works for any standard mortgage (FHA, VA, conventional, etc.) as long as you know your loan amount, interest rate, and term.
Does this calculator store my personal information?
No. This calculator is completely anonymous. It does not require or save any personal information, names, or email addresses