Every day you'll receive our family budgeting, money management and personal finance "tweets" - you'll have a better financial education in 140 characters or less.Home/House Mortgage Payoff Calculator
Free-to-use home/house Mortgage Payoff Calculator, helps you find out how much interest you can save by increasing your mortgage payment. This mortgage calculator displays a complete amortization payment schedule, intended to help you pay your mortgage off early. Enter your mortgage loan terms and click the "Calculate" button. Or, click the "View Report" button to see a complete amortization payment schedule!
You must have Java installed in order to use our tools. If you cannot see them, click here to download Java.
Definitions
- Annual interest rate (APR)
- The yearly cost of a mortgage, including interest, mortgage insurance, and the origination fee (point(s)), expressed as a percentage. Maximum APR 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 (PI) 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 and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
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