Mortgage Payoff Calculator - Early Payoff with Extra Payments
This mortgage payoff calculator figures the extra payment necessary to cause an early payoff within a specified number of years. Discover how much interest you will save between now and when your mortgage is paid off.
Please Note: You should only enter the principal and interest portion of your regular monthly payment. Do not include tax and insurance escrow accounts.
You can also compare 4 payoff strategies - monthly, bi-weekly, extra payment, and bi-weekly with extra payment using this mortgage calculator - plus it includes amortization schedules as well.
In other words, use this calculator to define time period and payment amount, and use the other calculator to define optimum early payoff strategy.
And if this calculator helped you we'd sure appreciate a "like" or +1. Thanks!
How Much Extra Should You Pay To Payoff Your Mortgage Early?
You dream of paying off your mortgage early.
You long for the day when you are debt free.
But how do you do it?
How much must you pay each month to be out of debt by a certain date?
What if you wanted to pay off your mortgage in 15 years instead of 30? How much would you save!
The good news is this mortgage payoff calculator makes figuring out your required extra payment easy.
You choose how quickly you’d like to pay off your mortgage, and the calculator will tell you the required extra monthly payment to get it done. It will also tell you how much interest you’ll save!
However, before you start making your extra payments, there are a few factors you’ll want to consider first . . . .
Factors To Consider When Paying Off The Mortgage Early
Living without any debt is an exciting goal, but paying off your mortgage needs to be done right. Here are some important considerations:
Once you’ve determined that you’re ready to pay off your mortgage, it’s time to start reaping the benefits!
Benefits Of Paying Off Your Mortgage Early
Owning a home without a mortgage is financially liberating. Here are just a few of the key benefits:
Pitfalls Of Paying Off Your Mortgage Early
Many homeowners think that they should pay off their mortgage early to get out of debt, but does it always make sense?
You do not want to pay off your mortgage and end up low on cash. It’s much easier to take cash out of a checking account when needed than it is to refinance by pulling it out of your home loan.
Ask yourself if you’ll need liquid cash in the near future. If the answer is yes, you’re better off putting your extra money in savings – not toward your mortgage.
Always have a small savings buffer to help you pay for immediate expenses.
There are many competing financial goals to consider first before committing to an early mortgage payoff program.
From paying off high-interest credit cards, to starting your retirement contributions, to getting important insurance policies in place, there are many financial goals that should probably take priority over paying off your mortgage early. You must build a solid financial foundation first.
However, if you’re ready to pay off your mortgage early then this calculator will help you reach your goal. Pay off your mortgage in 15 years, 10 years, 5 years, or whatever amount of time makes sense for you and your budget!
Mortgage Payoff Calculator Terms & Definitions
Related Mortgage Calculators: