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.
Extra Principal is a Good Way to Pay Off a Home Mortgage Early
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.The Mortgage Early Payoff Calculator is designed to tell you how much extra you should pay each month to pay off a home mortgage in the years and months you choose. Use the Existing Mortgage Payoff Calculator if you know how much additional you can pay and want to see how soon you can pay off a home.
Title: A title for these calculator results that will help you identify it if you have printed out several versions of the calculator.
Lender: The name of your potential lender. This field is not required but may help if you have printed out several loan scenarios.
Mortgage Balance: The amount you owe on your mortgage or loan.
Current Payment P&I: The amount of principal + interest you are currently required to pay each month toward this loan.
Interest Rate: The annual percentage rate you will pay for this loan.
Desired Payoff Time: Enter the desired number of years and/or months when the balance should be paid.
Additional Each Month: The additional amount you will pay each month (over the required ‘Monthly Payment’ amount) to pay down the principal on your loan.
Total Monthly Payment: Total 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 Interest: The remaining total amount of interest you will pay over ‘Payoff Time’.
Total Paid: The remaining total amount of principal + interest you will pay over ‘Payoff Time’.
Actual Payoff Time: Amount of time until the loan is paid off.
Number of Payments: The number of payments you will make to pay off the loan.
Annual Cost: The amount of money you will pay each year for this loan.