Early Loan Payoff Calculator

Early Loan Payoff Calculator

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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.

Early Payoff Calculator


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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.

39 Responses to "Early Loan Payoff Calculator"
  1. pat lewis 30, Aug, 2012

    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??

  2. Rosie 19, Jul, 2012

    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

  3. Dianna 23, Jun, 2012

    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?

  4. sylvester 19, May, 2012

    i love it thank you

  5. sally 03, Aug, 2011

    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?

    1. Alex 14, Jul, 2013

      The rough rule of thumb is double your P&I for a 10 year pay off, as an extra principal payment, and half of this, for a 15 year payoff, and half yet again for a 20 year. Let me give an example and simply change to your own situation and your own numbers. Let's say your total Principal and Interest is $1,000 per month. On top of that, you pay $800 per month in property taxes, insurance, and PMI. So your total mortgage payment, including escrow monies, is $1800 per month. However, your P&I, in this example, is only $1,000, so don't count the $800 in Escrow monies as you follow my formula. You have to pay it, but it has nothing to do with reducing your mortgage. So, using this example, if you put an extra $1,000 a month, for the next 10 years you'd pay-off a 30 year loan in 10 years. So in the beginning of the month, you make a check for $1,800 to the bank. In the middle of the month, since you're paid bi-weekly, you make a separate payment, and it says on the check PRINCIPAL ONLY for $1,000. So if you want to pay in 15 years, instead of 10, half of $1000 is $500. So in the begining of the month, you'd make out your check for $1,800 and in the middle of the month, you'd make a check for $500. You've now paid your 30 year loan in 15 years. So if you want to pay 20 years, instead of 15, 1/4 of $1,000 is $250 per month. So in the beginning of the month, you make your check out for $1,800, but in the middle of the month, you make a check out for $250. This will reduce your 30 year loan into a 20 year loan, shaving off 10 years. So this works no matter the interest rate, or the loan amount. Take your P&I (not counting escrow monies) and double it, mid-month. This makes a 30 year into a 10year. Do half, of the P&I as an extra principal payment, and now it's a 15 year, and do 1/4 and it's now a 20 years. So build a cash cushion first, try out this extra money toward principal by putting in a savings account for 6 months and get comfortable with your budget like that, and in the 7th month, do it for real and start sending the extra payments. The first 6 months is an "adjustment period" to get comfortable with the new budget. Good luck! Hope this helps

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  6. Tammo 04, Apr, 2011

    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

  7. Lori 28, Feb, 2011

    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?

  8. RHall 08, Mar, 2010

    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?


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