#Early payoff mortgage calculator full#

If you had a $300,000 loan amount set at 4.5% on a 30-year fixed, paying an extra $250 per month would save you almost $70,000 and youвЂ™d pay off your loan seven years and six months ahead of schedule. If you had a $400,000 loan amount set at 4% on a 30-year fixed, paying an extra $100 per month would save you nearly $30,000 and youвЂ™d pay off your loan two years and eight months early.

#Early payoff mortgage calculator full#

If you paid an extra $500 per month, youвЂ™d save around $153,000 over the full loan term and it would result in a full payoff after about 21 years and three months. Imagine a $500,000 mortgage with a 30-year fixed interest rate of 5%. Once you click compute, youвЂ™ll see how much the extra mortgage payments will save in the way of interest over the life of the loan, and also how much faster youвЂ™ll pay off your mortgage. If you want to make a lump sum extra payment of $1,000, enter it and change the вЂњMonthlyвЂќ to вЂњOne TimeвЂќ for an accurate calculation.

Then input the additional payment amount and whether itвЂ™ll be a monthly, annual, or one-time extra payment.ДЇor example, if you plan to pay an extra $100 per month, you shouldnвЂ™t have to change anything with the default settings. Next, enter the mortgage rate and the date you plan to make the extra (or larger) payment. It will depend on the mortgage rate and the loan balance. Of course, thatвЂ™s just a ballpark estimate. So if youвЂ™re currently paying $1,000 per month in principal and interest payments, youвЂ™d have to pay roughly $1,500 per month to cut your loan term in half.

To make extra payments based on your financial goalsДЇor example, if youвЂ™re interested in paying off your mortgage off in 15 years as opposed to 30, you generally need a monthly payment that is 1.5X your typical mortgage payment.

Knowing the actual numbers can help you determine if it makes sense.

Of paying off your home loan ahead of schedule.

This calculator will illustrate the potential savings.

Use the Early Mortgage Payoff Calculator to Determine the Actual Savings You input your original mortgage amount and can quickly see what paying extra will do in terms of both interest savings and shaving years off your mortgage. Put simply, itвЂ™s a standard mortgage calculator with extra payments built-in, so itвЂ™s really easy to use.

If you own real estate and are considering making extra mortgage payments, the вЂњearly mortgage payoff calculatorвЂќ below could be helpful in determining how much youвЂ™ll need to pay and when to meet a certain financial goal.