Financial Calculators

Mortgage Payoff Calculator

How much interest can you save by increasing your mortgage payment? This financial calculator helps you find out. Hit "Calculate" to see a complete amortization payment schedule, and how much you can save on your mortgage!

Mortgage Payoff Schedule

Mortgage Length (years) = MORTGAGE_YRS_LENGTH
Number of Years Remaining = MORTGAGE_YRS_LEFT
Beginning Mortgage Amount = MORTGAGE_AMT
Annual Interest Rate = RATE
Increase Payment By = INCREASE_BY_AMT

Principal and Interest Scheduled Payment = PI_PAYMENT
Principal and Interest Accelerated Payment = EARLY_PAYOFF_PI_PAYMENT

Accelerated payments will payoff mortgage in year EARLY_PAYOFF_YEARS.
Total interest savings: EARLY_PAYOFF_SAVINGS

**REPEATING GROUP**
Information and interactive calculators are made available to you as self-help tools for your independent use. We can not and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.


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Definitions

Interest rate: Interest rate. Maximum interest rate is 20%.
Mortgage length (years):Total length, or term, of your original mortgage in years. Most common lengths are 30 years and 15 years.
Original mortgage amount:The original amount financed with your mortgage, not to be confused with the remaining balance or principal balance.
Additional monthly payment:Your proposed extra payment per month. This payment will be used to reduce your principal balance.
Scheduled payment:Monthly principal and interest payment based on your original mortgage amount, term and interest rate.
Accelerated payment:Scheduled payment plus additional monthly payment.
Total savings:Total amount you would save in interest if you made the accelerated payment until your mortgage was paid in full.

information and interactive calculators are made available to you as self-help tools for your independent use. We can not and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.