dcsimg
Early Loan Payoff Calculator

Early Loan Payoff Calculator

User Rating : 1 Stars 2 Stars 3 Stars 4 Stars 5 Stars (79 votes, average: 3.41 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

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.

15 Yr. Fixed - Purchase Rates from Our Lenders in California

Lenders
Rate
APR
Monthly Payment
Cornerstone Home Lending
2.875%
3.105%
$1,027
Quicken Loans
3.990%
4.208%
$1,109
 

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. 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.

      Reply»  
  2. AUBREY 16, Jun, 2007

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

      Reply»  
  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.

      Reply»  
  4. Sheila 25, Apr, 2007

    payoff

      Reply»  
  5. LANCE LARSON 23, Apr, 2007

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

      Reply»  
  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. -

      Reply»  

Leave a Comment
 
 
 

Get Free Mortgage Quotes


Property State:
Property Type:
Credit Rating:

Recent Mortgage News

Today's Best Mortgage Rates

Product

Today

+/-

Last Week

5/1 ARM

0.94 %

3.23 %

15 Year Fixed

1.66 %

2.88 %

30 Year Fixed

3.78 %

3.77 %

Put the Early Payoff Loan Calculator on your website for Free!

Simply copy and paste the code above into the HTML code of your website and your visitors will be able to use the same calculator that appears on this page.

This is a free service for consumers, researchers, and real estate and mortgage professionals. Give your readers the added value of our easy to use mortgage calculators for free!

Please note that modifying the code above will disable the calculator.

Additional color options are available.
Customize your mortgage calculators here.

Use Our Calculators On Your Sites

Enhance the experience of your visitors by using our free calculators and content on your blog or website. Go >>