Mortgage Payoff Calculator

Mortgage Payoff Calculator

Estimate how much interest you may be able to save by increasing your mortgage payment with this mortgage payoff calculator. Calculate how much you can save by keeping the same mortgage with the same loan rate but paying more each month.

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Definitions of terms included in this calculator

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.

Note: This information is for general use only. Use this information as part of a full research process. General financial advice does not always apply directly to individual financial matters. Please consult a financial expert with specific and complex questions about your individual situation.

About our Mortgage Payoff Calculator

This mortgage payoff calculator is just one of more than 30 personal finance calculators that we offer to consumers to help make knowledgeable decisions in all-important financial situations. Please use the mortgage payoff calculator as part of a thorough research process. For more news, advice and resources, visit our knowledge center.