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Mortgage Payoff

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 repayment shortened by MSG_EARLY_PAYOFF_MONTHS.

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. **GRAPH**
Mortgage Payoff Summary
Original termMORTGAGE_YRS_LENGTH Years
Annual interest rateRATE
Additional principal paymentINCREASE_BY_AMT per month
Normal payment (PI)PI_PAYMENT
Accelerated payment (PI)EARLY_PAYOFF_PI_PAYMENT
Total scheduled paymentsMORTGAGE_PAYMENT_TOTAL
Total accelerated paymentsEARLY_PAYOFF_PAYMENT_TOTAL
Mortgage shortened byEARLY_PAYOFF_YEARS years, EARLY_PAYOFF_MONTHS months

Payment Schedule


Mortgage Payoff Definitions

Annual interest rate
The annual interest rate used to calculate your monthly payment. Please note that this is different than an Annual Percentage Rate (APR) which includes other expenses such as mortgage insurance, and the origination fee and or point(s), which were paid when the mortgage was first originated. The APR is normally higher than the simple interest rate.
Original mortgage term
Total length, or term, of your original mortgage in years. The most common lengths are 15 years and 30 years.
Years Remaining
Total number of years remaining on your original mortgage.
Original mortgage amount
The original amount financed with your mortgage, not to be confused with the remaining balance or principal balance.
Additional principle payment
Your proposed extra payment per month. This payment will be used to reduce your principal balance.
Current mortgage payment
Monthly principal and interest payment (PI) based on your original mortgage amount, term and interest rate.
Monthly accelerated payment
Scheduled payment plus additional principle 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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