This calculator helps you determine how making extra monthly payments can affect your mortgage. It shows how much faster you can pay off your loan and the total amount of interest you can save. By entering your loan details and an additional payment amount, you can see a clear projection of your accelerated payoff schedule.
Key Features
- Core Loan Inputs: Enter your principal loan amount, annual interest rate, and the original term of your loan in years.
- Extra Payment Modeling: Add any extra amount you want to pay each month. This allows you to model different financial scenarios.
- Instant Projections: The tool calculates your new loan payoff date and estimates your total interest savings based on the extra payments.
How to Use the Mortgage Payoff Calculator
- Enter Loan Amount ($): Input the total amount of your original mortgage.
- Enter Interest Rate (% per year): Type in your annual interest rate.
- Enter Loan Term (Years): Provide the full term of your loan, such as 30 or 15 years.
- Enter Extra Monthly Payment ($): Add the additional amount you plan to pay each month toward the principal.
- Calculate: Click the “Calculate” button to view your results.