mortgage payoff calculator with extra payments

Mortgage payoff calculator with extra payments how to#
Mortgage payoff calculator with extra payments free#

You can offer yourself some flexibility by making extra payments each month a la carte or setting a goal for the amount you would like to consistently pay extra each month. You know you want to make extra payments, but you’re not sure how much you can commit to on a regular basis.

By paying more than your minimum monthly payment.

You can use a biweekly mortgage calculator to see how this will affect your monthly payments and amortization schedule. Biweekly payments work by having you pay your monthly payment every fortnight. You can shorten the life of your loan with biweekly payments building in a 13th monthly payment. Make sure you check for any prepayment penalty fees. A one-time lump-sum payment is a nice option for homeowners who may not be able to fiscally commit to regular extra payments but still want to take a bite out of their loan. This option is great if you have a surplus of income on hand from a bonus, business or investment dividends, an inheritance, or another sizable chunk of cash to put towards paying off your loan. The best way to make extra payments will be unique to each homeowner’s financial situation.

How Can I Choose an Extra Payment Plan that Works for Me? APR affects your loan’s amortization fee, so it’s a good figure to be aware of. You can use an annual percentage rate (APR) calculator to see how that total will affect your monthly payments. Be aware that your annual interest rate does not measure other fees included in your loan like mortgage insurance, origination fees, discount points, and other expenses paid when your mortgage first originated. If you have an adjustable-rate mortgage (ARM) loan, your rate will vary depending on if it is in the initial period or variance period. For a fixed-interest loan, this input remains constant over the life of your loan. This is the simple interest rate negotiated on your loan. You can make extra payments monthly, yearly, or as a lump-sum payment. If you put 3.5% down on a $350,000 home, your original loan amount would be $337,750. Make sure you calculate how your down payment affected your original loan amount. Make sure you don’t confuse this with the balance for the remaining principal on your loan (which should be less). For this field, enter the total for the original amount used to finance your mortgage. Most loan terms usually measure how long it would take to pay off your loan by only making minimum payments. In most cases, mortgage loans are issued in increments of 15 or 30-year terms. Enter the number of years allotted to repay your loan. Dust off your old mortgage loan records, for this input you’ll need to enter the total number of years remaining on your loan.

Mortgage payoff calculator with extra payments how to#

This will allow you to begin budgeting on how to incorporate increased payments into your monthly or yearly payments. Once you have punched in the numbers, you will be able to view your newly amortized schedule. What Information do I Need to Calculate My Early Mortgage Payoff?įill in the inputs below on our mortgage payment calculator to see how you can save thousands of dollars by paying off your loan early. Trust that you’re in good hands with The Home Loan Expert-our goal is to help you feel financially confident by providing you with tools to help you calculate your mortgage payoff. Use a mortgage payoff calculator to estimate how making extra payments will affect your amortization schedule.

Position yourself better financially by saving thousands of dollars that would otherwise be paid in interest over the life of your loan.

Mortgage payoff calculator with extra payments free#

Free yourself from your mortgage debt faster by making extra payments on your loan.