OFF
Partly Cloudy

41°F

Albert Lea, MN

Partly Cloudy

ON

Mortgage Early Payoff Calculator

Mortgage Balance
Current Payment P&I
Interest Rate %
Desired Payoff Time
Years
Months

Early Payoff Without
Early Payoff
Savings
Additional Each Month $222.69
Total Monthly Payment $1,077.05 $854.36
Total Interest $70,761.76 $117,118.61 $46,356.85
Total Paid $201,407.11 $247,763.96
Actual Payoff Time 15 Yrs 7 Mths 24 Yrs 2 Mths 8 Yrs 7 Mths

Number of Payments 187 290 103
Annual Cost $12,924.60 $10,252.32 $-2,672.28


All calculators are made available as self-help tools for your independent use with results based on information provided by the user. All examples are hypothetical and are for illustrative purposes only. Calculated results are believed to be accurate but results are not guaranteed. Mortgage calculator results are based upon conventional program guidelines. Other loan programs are available. Further review by a professional is necessary to obtain exact and complete information and available options for your personal circumstances.
 
Help Window
Clear (Use your browser's 'Refresh' or 'Reset' to restore default values.)
Print Ready Format
Show Calculation Formulas
Related Calculators
Show Additional Fields
Hide Additional Fields
A title for these calculator results that will help you identify it if you have printed out several versions of the calculator.
The name of your potential lender. This field is not required but may help if you have printed out several loan scenarios.
The amount you owe on your mortgage or loan.
The amount of principal + interest you are currently required to pay each month toward this loan.
The annual percentage rate you will pay for this loan.
Enter the desired number of years and/or months when the balance should be paid.
If you pay additional principal each month your loan or mortgage will be paid earlier than scheduled and you will pay less in interest charges.
The payoff time and interest charges if you pay no additional principal each month.
'Early Payoff' compared to 'Without Early Payoff' saves you this much time and money.
The additional amount you will pay each month (over the required 'Monthly Payment' amount) to pay down the principal on your loan.
Total monthly principal and interest payment required to pay the mortgage by the requested 'Payoff Time'. Actual payment could include other amounts such as escrow for insurance and property taxes, private mortgage insurance (PMI), fees, and dues.
The remaining total amount of interest you will pay over 'Payoff Time'.
The remaining total amount of principal + interest you will pay over 'Payoff Time'.
Amount of time until the loan is paid off.
The number of payments you will make to pay off the loan.
The amount of money you will pay each year for this loan.
When checked, a section will appear below the calculator showing the complete amortization table.
Total Monthly Payment - Monthly Payment
$222.69 = $1,077.05 - $854.36
LoanAmount * (Rate / 12) / (1 - (1 + (Rate / 12))-Months)
$1,077.05 = $130,645.35 * (0.0600 / 12) / (1 - (1 + (0.0600 / 12))-187)
$854.36
Without Early Payoff Monthly Payment - Early Payoff Monthly Payment
$-222.69 = $854.36 - $1,077.05
$70,761.76 = Previous Month's Total Interest + (Month's Beginning Balance * (Rate / 12)) each month until Balance = 0
$117,118.61 = Previous Month's Total Interest + (Month's Beginning Balance * (Rate / 12)) each month until Balance = 0
Without Early Payoff Total Interest - Early Payoff Total Interest
$46,356.85 = $117,118.61 - $70,761.76
Mortgage Balance + Total Interest
$201,407.11 = $130,645.35 + $70,761.76
Mortgage Balance + Total Interest
$247,763.96 = $130,645.35 + $117,118.61
Without Early Payoff Total Paid - Early Payoff Total Paid
$46,356.85 = $247,763.96 - $201,407.11
15 Yrs 7 Mths = (Previous Number of Monthly Payments + 1 each month until Balance = 0) / 12 [to convert to years and months]
24 Yrs 2 Mths = (Previous Number of Monthly Payments + 1 each month until Balance = 0) / 12 [to convert to years and months]
Without Early Payoff Payoff Time - Early Payoff Time
8 Yrs 7 Mths = 24 Yrs 2 Mths - 15 Yrs 7 Mths
187 = Previous Number of Monthly Payments + 1 each month until Balance = 0
290 = Previous Number of Monthly Payments + 1 each month until Balance = 0
Without Early Payoff Number of Payments - Early Payoff Number of Payments
103 = 290 - 187
Monthly Payment * 12
$12,924.60 = $1,077.05 * 12
Monthly Payment * 12
$10,252.32 = $854.36 * 12
Without Early Payoff Annual Cost - Early Payoff Annual Cost
$-2,672.28 = $10,252.32 - $12,924.60