Calculate Your Mortgage Payoff
Loan Information
Payoff Strategy
Current payment schedule with no additional payments
Convert monthly payments to bi-weekly (half of monthly payment every 2 weeks)
This results in 1 extra full payment per year
Your Results
| Metric | Standard | Your Plan |
|---|---|---|
| Total Months | 360 | 270 |
| Total Interest | $457k | $301k |
| Total Paid | $757k | $601k |
Are you sick of paying interest on your mortgage for years? Our Mortgage Payoff Calculator shows you exactly how much you can save by paying more than the minimum on your principal balance. You might be surprised by the results. Even small extra payments can save you tens of thousands of dollars and years off the length of your loan.
Why Use a Mortgage Payoff Calculator?
A lot of homeowners don’t know how much extra payments can change their mortgage. When you pay more than the minimum on your principal, you’re not just lowering the balance; you’re also getting rid of years of interest payments.
The Strength of Extra Payments
Let’s use our calculator to look at a real example:
Amount owed on the loan: $350,000
Interest Rate: 6.5%
Remaining Time: 25 years
Extra Payment: Only $200 a month
The Results Are Amazing:
Saved in interest: $95,525
Time Saved: Almost six years off your mortgage
Now the payoff time is 19 years and 1 month instead of 25 years.
That’s right! You could save almost $100,000 in interest and pay off your mortgage six years sooner by adding just $200 to your monthly payment.
How to Use Our Calculator
Our Mortgage Payoff Calculator is easy to use and gives accurate results:
Enter the details of your loan, such as the current balance, interest rate, and remaining term.
Add Extra Payment Amount: Any extra monthly payment you might be thinking about
Check out the Instant Results: Total interest saved, a new payment schedule, and a comparison of monthly payments
Picture Your Money: Chart that shows how the balance goes down over time
