Early Loan Payoff Calculator

User Rating : (81 votes, average: 3.4 out of 5)

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

Loan Amount in $ Loan Term in Years Interest Rate in % Loan Start Date

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New Loan Term in Years

Result

to request free refinance quotes from our database of pre-screened mortgage lenders.

OR

to see current rates in your area

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.

1. robert winter 21, Jun, 2007

   If you take the extra money you would spend on paying down your mortgage faster and instead invest it at above your interest rate you WILL over your term of loan make more money investing then if you paid down your loan faster.

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2. AUBREY 16, Jun, 2007

   THIS IS GREAT!!! I SAVED THIS ONE IN MY FAVES! IT WILL HELP A LOT...THANKS!!!

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3. Louis Maglie 29, May, 2007

   Loved the program!! When I saw my current payment right to the penny, I said, WOW !! Thanks for assisting in planning my future projections.

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4. Sheila 25, Apr, 2007

   payoff

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5. LANCE LARSON 23, Apr, 2007

   Please calculate how fast I can pay my home loan. - - - Perhaps a "Making Extra Payments" calculator.

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6. Marlin O. Trulsen 22, Apr, 2007

   There is no calculator here. - - - - - EDITOR'S REPLY: Sorry about that, Marlin. This feature requires the Flash plugin. Once you install the missing plugin, you can use the calculator. Flash is a common plugin, and is widely used. Please accept our apologies for any inconvenience. - C4M Admin. -

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