Payoff Mortgage Early Calculator

Our Mortgage Payoff Calculator tells how much to add to monthly payments to reduce your loan term and how soon you will pay off your home loan.

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For homeowners who have extra cash available, reducing or getting rid of your mortgage loan earlier than its scheduled term may be a good option so it is not an issue to worry about later. Although, there are some financial experts who advocate strongly against doing so. Use our calculator below and see the videos for opinions.


Mortgage Balance
Current Payment P&I
Interest Rate  %
Let's Payoff My Loan in
Years
Months

Early Payoff Without
Early Payoff
Savings
Extra Payment Each Month $678.46
Total Monthly Payment $1,077.05 $1,264.14
Total Interest $93,330.41 $255,085.82 $161,755.41
Total Paid $293,330.41 $455,085.82
Actual Payoff Time 15 Yrs 7 Mths 24 Yrs 2 Mths 8 Yrs 7 Mths

Number of Payments 187 290 103
Annual Cost $12,924.60 $10,252.32 $-2,672.28

Just so you know, another way to getting your mortgage paid off early is to simply refinance to a shorter term. Instead of putting more money towards your payment every month, you refinance to a lower rate and less years. It's a win-win situation when it comes to rates and paying less interest over the long run. With all the custom loan products nowadays, you could feasibly switch to a 20 or 15 year loan.

Some companies understand that consumers are financially savvy and responsible and have a yourgage where you determine the loan term to be whatever you choose (i.e. 7, 9, 12 years etc.) Furthermore, you'll more than likely pay less interest on a refinance than you would if you elect to simply pay it off early "as is" IF you have a higher interest rate. Imagine if your rate were lower and applied the extra payment each month on that loan! Now, that's outside the box thinking.


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