Early Mortgage Payoff Calculator | Should You Add More To Your Payments?
Calculate The Impact Of Paying Off Your Mortgage Early
Did you know you can save money by paying an additional amount along with your existing mortgage payment? Use our early mortgage payoff calculator below to see how much interest you can save by putting a little more towards your mortgage each month.
If you want to see how paying off your mortgage early impacts your overall retirement situation, you should use a free trial of the WealthTrace Retirement Planner. Our planner can help you run scenarios where you can keep your mortgage as it is or pay it off early. It will then tell you which option is best for your retirement plan.
Can you retire early? The WealthTrace Financial & Retirement Planner will help you find out. Start a 14-day free trial now.
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 monthly 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 monthly payment.
Total savings
Total amount you would save in interest if you made the accelerated payment until your mortgage was paid in full.
Balance mortgage payoff and investing
Use WealthTrace to compare paying down debt with keeping money invested.
