![]() If you want to make a lump sum extra payment of $1,000, enter it and change the “Monthly” to “One Time” for an accurate calculation. Then input the additional payment amount and whether it’ll be a monthly, annual, or one-time extra payment.įor example, if you plan to pay an extra $100 per month, you shouldn’t have to change anything with the default settings. Next, enter the mortgage rate and the date you plan to make the extra (or larger) payment. It will depend on the mortgage rate and the loan balance. Of course, that’s just a ballpark estimate. So if you’re currently paying $1,000 per month in principal and interest payments, you’d have to pay roughly $1,500 per month to cut your loan term in half. To make extra payments based on your financial goalsįor example, if you’re interested in paying off your mortgage off in 15 years as opposed to 30, you generally need a monthly payment that is 1.5X your typical mortgage payment.Knowing the actual numbers can help you determine if it makes sense.Of paying off your home loan ahead of schedule. ![]() This calculator will illustrate the potential savings.Use the Early Mortgage Payoff Calculator to Determine the Actual Savings You input your original mortgage amount and can quickly see what paying extra will do in terms of both interest savings and shaving years off your mortgage. Put simply, it’s a standard mortgage calculator with extra payments built-in, so it’s really easy to use. If you own real estate and are considering making extra mortgage payments, the “early mortgage payoff calculator” below could be helpful in determining how much you’ll need to pay and when to meet a certain financial goal.
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