Imagine for a moment – not having a monthly mortgage payment. With this free early mortgage payoff calculator, you can see what impact making extra payments on your principal will have on the life of your loan.
– Original Loan Amount– Extra Payments Towards Your Mortgage - One Time - Monthly - Quarterly - Yearly– First Extra Payment Date– Original Loan Length– Mortgage Interest Rate
This mortgage payoff calculator calculates different variables to give you a clear picture of how and when you can pay off your mortgage if you adjust your payments. The following information is evaluated:
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When you enter your variables, the mortgage payment calculator will show you your current amortization payment schedule. In addition, it will show you the impact extra payments has on your interest and time savings.
What Happens If You Make 1 Extra Mortgage Payment A Year?
I entered an original loan amount of $250,000 with a 3% annual interest rate on a 30-year fixed-rate mortgage for this scenario. The base monthly payment for this scenario was $1,054.01 per month.Using the amount of $1,054.01 paid once each year, the payoff calculator shows I would save $17,542.19 in interest over the life of my loan.
From a numbers standpoint, if you are paying 4% in interest on your mortgage loan, financially speaking, it would make more sense to put your extra money into an investment.Paying off a 4% mortgage early will provide you interest savings, but you could make more money by investing.