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. Jim Wiseman 11, Feb, 2010

    I owe 122,000 on a home loan - 25 years and 6 months left at 6.5%. If I pay $500 extra towards the principle, how long will it take to get below 120,000? Is it better to refinance and get a better interest rate? Thank you.

  2. veronica 04, Feb, 2010

    My husband and I just borrowed $45,000 against my house to pay off our credit cards, our cars, and to pay off some of his creditors. My loan payment is $437 a month (interest rate on loan is 5.375 for 30 years)and the principal and interest payment is $292. If we pay an additional $584. on our first loan payment how much quicker will our loan be paid off?

  3. pam zink 10, Jan, 2010

    whats the best way to pay off a 30 yr. interest only loan w/ a fixed rate of 6.70% based on $ 411,000 & a second mortgage of $ 84,000 w/ an interest rate of 9.85% ( the second mortgage that came with the original mortgage is NOT an interest only loan )...an suggestions ?

  4. Bob 30, Dec, 2009

    I have a 30 year mortgage and am 8 years into it. My monthly payment is 2083.59 and I pay an extra 200.00 each month toward pricipal. Interest rate is 4.875. On this plan, how many more years do I have to pay off the loan?

  5. MKA 06, Dec, 2009

    Do you have a calculator function that will allow me to figure out when my 30 year mortgage will be paid off if I know the original amount and terms of my mortgage and the current outstanding balance? I made several additional lump sum payments on the mortgage and want to figure out the impact so I can evaluate whether to refinance

  6. Shandel 26, Nov, 2009

    This really did help us out. We have been paying extra $100.00 and didn't know for sure how fast we were going to pay our house off. Now it is only going to take us 20years instead of 36years. That is a 16 year differance and with the economy these days it really does matter.

  7. BJ 22, Nov, 2008

    Getting ready to purchase house and would prefer to pay off in 15 years, but was wondering and worrying about future unstable economy . . .so . . . would it is wise to get 30 year loan, but make 15 year loan payments, thereby paying off early, being able to cut back on payments (paying 30yr loan amt.) if times got tough? Thanks! - - - EDITOR'S REPLY: If you're disciplined enough to do it, it is a good idea to get a 30-year loan and make 15-year loan payments to pay off early. Just work that out with your lender up front to make sure all payments above the 30-year payment requirement go straight to principal. And make sure there is not an early withdrawal penalty in the contract. Basically, when you pay off a 30 year loan in 15 years, you save yourself a ton of interest. In doing so, you cost your lender a ton of revenue. So it's not uncommon for them to find ways to make up some of the difference. Read your contract very carefully and negotiate terms if needed to make sure you can pay off your 30-year mortgage in 15 years without any hassles or penalties. Then exercise the appropriate discipline to make those extra payments. Most people who try this end up making the extra payments for a while and then they end up finding something else to spend the money on. So if you're not more disciplined than most people, get a shorter term loan (maybe 15 or 20 year loan). In the future, if times get tough and you can't make the payments on your short term loan, you can refinance for a longer term. If you put down a nice down payment and you chose a shorter term loan, you should be able to maintain equity in the home, even if home values in your neighborhood are not rising. So provided you maintain good credit, refinancing at a later date to a longer term should be relatively easy.

  8. ray 25, Oct, 2008



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