You can use this mortgage payoff calculator to estimate how much money you might be able to save, and the number of months that are shaved off the length of your loan, by paying more on your monthly mortgage payment than your regularly scheduled amount. This payoff calculator only requires four inputs: the initial mortgage amount, the annual interest rate charged on the loan, the length of the loan, the remaining principal on the mortgage, and the additional payment you wish to make each month.
The variables used in our online calculator are defined in detail below, including how to interpret the results.
Initial Mortgage Amount ($)
This is the original amount of the home loan, also referred to as the loan's principal.
Annual Interest Rate (%)
This is the annual interest rate on the mortgage. This is not the APR, which takes into account other costs associated with the mortgage.
Term of the Loan (Years)
This is the original term or length of the mortgage, stated in years.
Remaining Principal on Mortgage ($)
This is the remaining principal on the mortgage. This amount can be found on your most recent statement. If you are using this calculator for a new loan, then just enter the same amount as the Initial Mortgage Amount.
Additional Payment ($ / Month)
This is the additional payment that you wish to add to your monthly mortgage payment each month.
Current Monthly Payment on Loan ($ / Month)
This is the current monthly payment due on the mortgage.
New Monthly Payment on Loan ($ / Month)
This is the new monthly payment, which includes your existing payment plus the Additional Payment amount each month.
Time Remaining with Standard Payment (Months)
This is the time remaining on the mortgage, if you continue to make your standard monthly payments.
Time Remaining with Additional Payments (Months)
This is the number of months remaining on the mortgage if you were to begin adding the Additional Payment amount to your Standard Payment.
Time Saved by Additional Payment (Months)
This is the number of months you would save on the loan by adding the Additional Payment to your Standard Payment.
Dollars to be Paid with Standard Mortgage Payments ($)
This is the total dollars that you need to pay to your mortgage company using your Standard Payment.
Dollars to be Paid with Additional Payment ($)
This is the total dollars that you need to pay your mortgage company if you were to add the Additional Payment to your Standard Payment.
Dollars Saved by Making Additional Payment ($)
This is the total dollars saved by adding the Additional Payment to your Standard Payment.
Mortgage Payoff Calculator - Copyright © 2005 - 2011 Money-Zine.com
Disclaimer: These online calculators are made available and meant to be used as a screening tool for the investor. The accuracy of these calculations is not guaranteed nor is its applicability to your individual circumstances. You should always obtain personal advice from qualified professionals.
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