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Mortgage Payoff Calculator

Use the FREE mortgage payoff calculator app and calculate your early payoff and savings!

Mortgage Payoff Calculator

How much can Refinance save you?

Do Extra Payments make a difference?

How Early can you pay it all off?

See for Yourself

GO TO CALCULATOR
EARLY LOAN PAYOFF CALCULATOR, LOAN CALCULATOR APP BY SUMEET SINHA

PayItOff – Loan Calculator

https://apps.apple.com/lu/app/payitoff-loan-calculator/id1625456884

Page Contents

  • Mortgage Payoff Calculator
    • Mortgage Payoff Calculator: How to use? (with screenshots)
      • Step 1
      • Step 2
      • Step 3: Impact of refinance on mortgage payoff
      • Step 4: Impact of extra payment on mortgage payoff
      • Step 5: Impact of both – refinance and extra payments on mortgage payoff
      • Conclusion: For early payoff of mortgage, there are two very effective levers you can pull: make extra payments and refinance to a lower rate

Mortgage Payoff Calculator: How to use? (with screenshots)

Mortgage Payoff Calculator
GO TO CALCULATOR

Step 1

Fill in all the relevant values such as the loan amount for example $400,000, interest rate (yearly) for example 4.00%, loan tenure in years and months, for example, 30 years and 0 months.

After filling in the details, hit the calculate button at the bottom.

mortgage payoff calculator early
mortgage payoff calculator early

Step 2

Using the information provided in the form, the app calculates the following:

Monthly payment – how much you’re supposed to pay every month: $1909.56

Total months remaining – how many months you’d have to make the payment to pay off the mortgage: 360 (i.e. 30 years you had input)

Total interest payable – this is the sum of all interest payments (on top of your principal amount or the borrowed amount of $400,000) you would pay to pay off the loan: $287,478.03

So effectively, you’d pay $287,478 (interest) + $400,000 (principal) = $687,478 in total.

Till here, it’s the basic mortgage repayment math. Next, we will explore the impact of two things –

  1. refinancing mortgage to a lower rate
  2. making extra payments on top of calculated ‘monthly payment’

There are two new fields for that.

mortgage payoff calculator

GO TO CALCULATOR

Step 3: Impact of refinance on the mortgage payoff

mortgage payoff calculator refinance

You should always check for refinancing offers on all your loans.

Suppose you find a lender that is willing to refinance your mortgage at a lower rate, for example, 3.00%. Enter 3.00 in the ‘what’s your refinance offer’ field.

Hit the RE-CALCULATE button to see the impact of refinancing at 3%

We observe that based on the lower interest rate of 3%, the new monthly payment is $1686.42, down from $1909.66.

A 1% lower interest rate on a mortgage enables you to save $80,368 in total interest!!!

Step 4: Impact of extra payment on the mortgage payoff

If you are not able to find a lower interest rate currently, you can still accelerate your mortgage payoff by making small extra contributions every month.

mortgage payoff calculator extra payments

Let’s say you can pay $100 extra every month, input 100 in the appropriate field and hit RE-CALCULATE.

The app recalculates your scenario taking the extra payment into account.

Based on the updated information, the new payment becomes $2,009.66 ($1909.66 suggested monthly payment + $100 extra payment).

$100 extra monthly payment enables you to pay off your mortgage 32 months faster and saves you $29,802 in total interest.

Step 5: Impact of both – refinance and extra payments on the mortgage payoff

Now this is the star scenario- you are able to refinance mortgage to a lower interest rate (3%) AND you commit to making extra payment ($100 per month) on the recommended monthly mortgage payments.

Based on the refinance rate of 3% and extra payment of $100 every month, your new monthly payment becomes $1,786.42 ($1,686.42 due to lower interest rate, as in step 3 + $100 extra monthly payment).

$100 extra every month and refinancing to a 1% lower interest rate enables you to pay off the mortgage 31 months faster and save $100,458 in total interest.


Conclusion: For early payoff of mortgage, there are two very effective levers you can pull: make extra payments and refinance to a lower rate

GO TO CALCULATOR

sumeet sinha as seen on washington post us news yahoo finance

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Useful Tools: Student Loan Payoff Calculator | Mortgage Payoff Calculator

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EARLY LOAN PAYOFF CALCULATOR, LOAN CALCULATOR APP BY SUMEET SINHA

PayItOff – Loan Calculator

https://apps.apple.com/lu/app/payitoff-loan-calculator/id1625456884

Page Contents

  • Mortgage Payoff Calculator
    • PayItOff – Loan Calculator
  • Mortgage Payoff Calculator: How to use? (with screenshots)
    • Step 1
    • Step 2
    • Step 3: Impact of refinance on the mortgage payoff
    • Step 4: Impact of extra payment on the mortgage payoff
    • Step 5: Impact of both – refinance and extra payments on the mortgage payoff
    • Conclusion: For early payoff of mortgage, there are two very effective levers you can pull: make extra payments and refinance to a lower rate
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