Pay Off Home - Mortgage Early Payoff
I'm interested in paying off my mortgage early, how much additional should I pay each month to pay off my home by the time I choose?
How much additional would you need to pay each month to pay off a home mortgage in a certain number of years and months? Run this calculator to find out your mortgage early payoff time. Enter your mortgage balance, the principal and interest amount of your current monthly payment, the interest rate, and the desired number of years and months to pay off the home and this Mortgage Early Payoff calculator will show you how much additional you must pay each month to meet that payoff time. It also shows how much time and money you will save by paying off the mortgage early vs. paying as scheduled.
Paying off the mortgage is possible! There are several good ways to pay off a home mortgage earlier than scheduled. One of the most common ways is to pay additional principal each month. You don't have to pay a lot of extra each month to make a significant difference in your early payoff time. An additional $100, $50, or even $25 extra principal each month may make a surprising difference. Even more surprising than the mortgage early payoff time might be the interest savings.
TitleA title for these calculator results that will help you identify it if you have printed out several versions of the calculator.
LenderThe name of your potential lender. This field is not required but may help if you have printed out several loan scenarios.
Mortgage BalanceThe amount you owe on your mortgage or loan.
Current Payment P&IThe amount of principal + interest you are currently required to pay each month toward this loan.
Interest RateThe annual percentage rate you will pay for this loan.
Desired Payoff TimeEnter the desired number of years and/or months when the balance should be paid.
Additional Each MonthThe additional amount you will pay each month (over the required 'Monthly Payment' amount) to pay down the principal on your loan.
Total Monthly PaymentTotal monthly principal and interest payment required to pay the mortgage by the requested 'Payoff Time'. Actual payment could include other amounts such as escrow for insurance and property taxes, private mortgage insurance (PMI), fees, and dues.
Total InterestThe remaining total amount of interest you will pay over 'Payoff Time'.
Total PaidThe remaining total amount of principal + interest you will pay over 'Payoff Time'.
Actual Payoff TimeAmount of time until the loan is paid off.
Number of PaymentsThe number of payments you will make to pay off the loan.
Annual CostThe amount of money you will pay each year for this loan.