Mortgage Payoff Calculator
How to Use the Mortgage Calculator:
Enter the Current Loan Balance :
Input the remaining balance on your mortgage.
Enter the Interest Rate:
Type in the annual interest rate your lender offers. This rate determines the interest portion of your monthly payments.
Enter the Current Monthly Payment:
Type in the regular monthly mortgage payment, excluding any extra payments.
Enter the Extra Monthly Payment:
Type any additional amount you plan to pay each month towards the principal.
Click “Calculate”::
After filling in all the fields, click the Calculate button. The calculator will show your estimated Total Interest saved. Based on your extra payments and current loan details.
Results Explained:
Total Interest Saved:
This is an approximate amount you’ll save, based on all the extra payments you are planning to do.
New Amortization:
This represents the total number of years you will have to payoff the current loan.
Additional Tips:
Adjust and Experiment:
Feel free to adjust the loan amount, interest rate, or current monthly payments to see how each factor affects your total interest saved. This is a great way to plan your budget and understand the financial commitment of different mortgage options.
Understand Your Results:
The calculator helps you estimate your total interest saved, giving you an idea of how much home you can afford based on your budget. Also, it will give you the total new amortization time for the loan.