Mortgage Payoff

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Other Mortgage Calculators - Refinancing

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Save thousands of dollars in interest by increasing your monthly mortgage payment.

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How much interest can you save by increasing your mortgage payment? This financial calculator helps you find out. Click the "View Report" button to see a complete amortization payment schedule, and how much you can save on your mortgage!

Mortgage Payoff Mortgage Payoff Mortgage repayment shortened by EARLY_PAYOFF_YEARS years and EARLY_PAYOFF_MONTHS months.**GRAPH**

By increasing your mortgage payment INCREASE_BY_AMT per month you not only shorten your mortgage, but it will also save you EARLY_PAYOFF_SAVINGS in interest.

Mortgage Payoff Summary Original termMORTGAGE_YRS_LENGTH Years RemainingMORTGAGE_YRS_LEFT Years Interest rateRATE Normal payment (PI)PI_PAYMENT Prepayment amountINCREASE_BY_AMT per month Prepayment shortens mortgage byEARLY_PAYOFF_YEARS years, EARLY_PAYOFF_MONTHS months Prepayment savingsEARLY_PAYOFF_SAVINGS

Payment schedule **REPEATING GROUP**

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document.write(showbuttons()) Definitions

Annual interest rate (APR): The yearly cost of a mortgage, including interest, mortgage insurance, and the origination fee (point(s)), expressed as a percentage. Maximum APR is 20%.
Mortgage length (years): Total length, or term, of your original mortgage in years. The most common lengths are 30 years and 15 years.
Original mortgage amount: The original amount financed with your mortgage. Not to be confused with the remaining balance or principal balance.
Additional monthly payment: Your proposed extra payment per month. This payment will be used to reduce your principal balance.
Scheduled payment: Monthly principal and interest payment (PI) based on your original mortgage amount, term and interest rate.
Accelerated payment: Scheduled payment plus additional monthly payment.
Total savings: Total amount you would save in interest if you made the accelerated payment until your mortgage was paid in full.

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