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Mortgage Payoff Calculator

Calculate how much you can save by making extra mortgage payments and see how quickly you can pay off your home loan.

Enter Your Mortgage Details

About the Mortgage Payoff Calculator

Our mortgage payoff calculator helps you understand the financial impact of making extra payments toward your mortgage principal. By adding even small amounts to your monthly payment, you can save thousands of dollars in interest and pay off your home years earlier.

How to Use This Calculator

  1. Enter your current loan balance: The remaining amount you owe on your mortgage
  2. Input your interest rate: Your current annual interest rate (as a percentage)
  3. Specify remaining term: How many years are left on your mortgage
  4. Add extra payment amount: The additional amount you want to pay monthly
  5. Click "Calculate": See your potential savings and payoff timeline

Benefits of Extra Mortgage Payments

Interest Savings

Every extra dollar goes directly to principal, reducing the total interest paid over the life of the loan.

Early Payoff

Accelerate your path to homeownership by reducing your loan term significantly.

Build Equity

Increase your home equity faster, providing more financial flexibility.

Peace of Mind

Achieve debt-free homeownership sooner and reduce financial stress.

Tips for Success

  • Start with any amount - even $25-50 extra per month makes a difference
  • Consider using tax refunds, bonuses, or windfalls for lump-sum payments
  • Make sure you have an emergency fund before aggressively paying down your mortgage
  • Compare mortgage payoff benefits with other investment opportunities
  • Check if your lender charges prepayment penalties

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