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. Pam 11, Feb, 2008

    There is still no calculator here. EDITOR'S REPLY: This feature requires the Flash plugin to give it the functionality that makes it such a useful tool. Flash is a common plugin, and is widely used. Once you install it, you can use the calculator. It will come in handy for many other sites, too. Go to http://www.adobe.com/ and click on "Get Adobe Flash Player". Adobe is the same company that brings you "PDF" documents (Adobe Acrobat), Photoshop, and other widely used products. Adobe creates a product you can trust.

  2. chris 03, Dec, 2007

    I have a home equity loan at 7.65 bal 16.200 and a fixed at 8.64 bal 42.792. What would be the best way to paid it off early? - - - - EDITOR'S COMMENT: Good question, Chris. Of course, there are more factors involved in making this decision than you have shared with us. Here are some ideas to help you know where to start. Check the terms of both loans and see if either has a prepayment penalty, and to see how extra payments are applied for each loan. Some loans make it easy to make extra payments and apply them straight to the principal, but other loans are not favorable to additional payments. Also consider the age of the loan. Most of the interest on a loan is paid in the first half of the loan term. If the larger (original) loan is many years older than the home equity loan, most if its interest may have been paid already, and a much higher percent of your home equity loan payment may be applied to interest each month. So, the total amount of remaining interest is obviously a factor (the Amortization Calculator on this site helps provide insight into this). However, this factor only applies fully if you plan on keeping the home. If you are going to sell it in five years, only consider the interest you will be saving between now and then. As you see, there are many things to consider. Once you've done your research, run both scenarios (prepaying either loan as quickly the extra payments you are prepared to make will allow) and see which one saves you the most in interest. Also, make sure the return on investment to these extra payments is greater than it would be if you were to pay off other types of debt you may owe, such as auto loans or credit cards. If so, you might do that instead (unless your are currently in a negative equity situation, in which, making extra mortgage payments would be an even better idea).

  3. Trayce 04, Nov, 2007

    This actually is the greatest thing since sliced bread!!!

  4. Great Mortgage Resource 30, Oct, 2007

    I use your calculators on my website to help visitors calculate their mortgage financing and refinancing savings. Thank you for a great resource. Terry Lamb

  5. bill 16, Oct, 2007

    hey this is cool!!!

  6. Marcus 17, Aug, 2007

    Great for plannig my retirement.Calculating rental property payment to meet retirement date,thanks!

  7. Fat Kid 04, Aug, 2007

    With all the money I will be saving....I can eat more!!!!

  8. jeremiah 18, Jul, 2007

    Very nice. I was able to coordinate the amount necessary to pay off a mid-term debt and roll this cash flow into my home loan at the appropriate number of months to nail a figure that fits nicely into my monthly budget. This is very very useful.


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