Early Mortgage Payoff Calculator
Prepaying your mortgage can help you prepare for retirement. And you'll pay much less interest over the life of the loan by paying it off early. You dont have to refinance into a 15-year mortgage to do this. By paying extra each month towards your principal balance, you can shorten the repayment schedule of your mortgage. And if you experience a financial setback, you arent locked into a higher payment as you would be if you refinanced into a shorter termed loan.
Using the Early Payoff Calculator
Input your original loan amount, interest rate, and of number months youve already paid. Then put in what youd like the term of the loan to be (for example, you have thirty year loan but want it paid off in 18 years). The early payment loan calculator can help you reach your goal of repaying your mortgage early by indicating how much extra you'll need to pay each month to meet your early repayment goal.