Early Loan Payoff Calculator
Our Mortgage Payoff Calculator tells how much to add to monthly payments to reduce your loan term and how soon you will pay off your home loan.
Accelerate Your Mortgage?
While some financial experts caution against paying off a mortgage early (money once given to a lender isn't always easily gotten back if or when you need it), if you have extra cash on hand and don't like debt, reducing or eliminating your mortgage more quickly than the agreed upon schedule may give you the peace of mind or breathing room in your budget when you are older.

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How to use the Early Payoff calculator
Here's how it works: You input your original mortgage balance, the original term and interest rate. Then figure out how many month's of payments you've already made. Finally, decide how soon you'd like to have your mortgage paid off. For example, a couple in their 40's may decide that they'd like to pay off the 30-year loan they took out last year in 20 years. They input the particulars of their current loan, put in a new term of 20 years, and the Early Payoff Calculator determines how much extra they need to pay each month to make that happen.
Refinance Your Mortgage?
But adding extra to your payment each month isn't the only way to accelerate a mortgage. Refinancing to a shorter term might be a better way if you can get a lower mortgage rate. Interest rates are near historical lows. Paying your mortgage early by refinancing to a 15 year loan reduces your interest expense because 15-year rates are lower than 30-year rates, and a 15-year loan also accelerates your loan payoff. Using our Mortgage Refinance Calculator allows you to compare the payment on a new 15-year mortgage to the payment on the Early Payoff Calculator. You might be able to retire the loan even faster or pay less each month by refinancing.
Mortgage calculators are invaluable tools for helping you with your financial planning. And prepaying or refinancing your mortgage now may make your finances a lot more comfortable in the future.
Best Refinance Quotes in Virginia
Today's Best Mortgage Rates
Product
Today
+/-
Last Week
5/1 ARM
2.43 %
2.47 %
15 Year Fixed
2.55 %
2.74 %
30 Year Fixed
3.57 %
3.62 %
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i have a 30 year loan at 4 percent....If i pay an additional 3500 dollars to the principal yearly...how long will it take to pay the house off??
Reply»Would it be better if I continue paying $100 into principal every month or refinance for 20 years at 3.3 % on a $116,299 mortgage balance
Reply»I started with a 30 year loan in 2003. I have been putting $250 extra per month toward the principle. With your calculations my balance is higher because there isn't a box to put in the extra payments already made. What should I do?
Reply»i love it thank you
Reply»Five years ago, i bought a house for $171,000. i had a down payment of $35,000, which meant i took out a loan for $136,000. my interest rate was $5.6% fixed. i would like to pay more on my loan. i check my bank statement and find the following information. Escrow payment: $232.78 Principle and Interest payment: $751.90 Total payment: $984.68 Current Loan balance: $121,259.44 Assuming i currently meet my monthly expenses with no left over to speak of, how much more money a month do i need to make in order to pay off my loan in 20 years instead of 25? Is this reasonable? Is it more or less reasonable to consider refinancing my loan?
Reply»I trying to decide whether to downsize and cannot find a calculator that tells me what will be outstanding on our current mortgage in 2024 when my husband and I turn 60. We are in month 17 of a 30 year fixed at 4.75% on a $580k loan and repay the basic $3046 a month. Do you have a calculator for that? Thanks
Reply»Is it better to make monthly payments to the prinicpal on my mortgage or save the money for a larger downpayment on a new house if I am planning on selling my home in the next year or two?
Reply»I want to pay off mortgage in 10 years, and want to make sure that all extra principal payments are applied to the mortgage only. I want to know is it better to refinance or continue with present mortgage which is @ 6.5% -30 years, and have paid on it for 4 years already. We are paying an extra $600.00 per month can we pay off in 10-11 years?
Reply»