Early Payoff Mortgage Calculator
to Calculate Mortgage Payoff Goal Payment

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Help you to determine how much you would need to add to your current house payment in order to meet your home loan payoff goal.

This free online Early Payoff Mortgage Calculator will calculate the amount you will need to add to your monthly house payment in order to pay off your mortgage within your desired time frame.

Plus, the early payoff mortgage calculator on this page will also calculate the amount of interest you will save by paying off your home loan ahead of schedule.

If you would rather enter a monthly prepayment and have the calculator calculate your savings from there, please visit the Prepay Mortgage Calculator. Or if you would like to calculate the savings for a combination of one-time, monthly, and annual prepayments, please visit the Extra Payment Mortgage Calculator.

Don't Lose Money On Your Early Mortgage Payoff Plan

If you have other debts that have a higher interest rate than your mortgage, you will save a lot more money if you pay off the higher-interest debt first, and then redirect those higher-interest debt payments to paying off your mortgage.

Or, if your employer matches all or part of your 401K contributions, you may be better off contributing the extra payments to your 401K. So be sure to check with a qualified financial planner (one who will not be making commissions off of your investments, and who is not trying to sell you life insurance) before starting your accelerated mortgage payoff plan.

Also be sure to check with your mortgage company to make sure you can prepay your mortgage without penalty. Believe it or not there are mortgage companies out there that will fine you for cutting into their forecasted profit margins -- despite the fact that they will still make a fortune off your home loan.

How a Coffee Habit Can Cost You $33,000, or More!

Are you one of those people who have a habit of purchasing one or more $3.00 cups of designer coffee (flavored water) each day? If so, you may be shocked to learn that if you brought a thermos from home and applied the daily cost of a cup of coffee to your mortgage, you could pay off your mortgage 5-years ahead of schedule and save $30,000 in interest charges.

If you have a $150,000 home loan, financed at 6% for 30 years, your monthly payment would be $899.33. Using the early mortgage payoff calculator on this page, we can see that if you added just $67.13 per month to your house payment (roughly the cost of a designer cup of coffee per work day), you could pay off your home loan in 25 years and save $33,821.65 in interest charges in the process. Just imagine what would happen if cut out buying all forms of flavored water and applied those savings to paying off your debts as well?

Of course, this begs the question, "What will you have to show for your designer coffee investments after 30 years?"

With that, let's use the Early Payoff Mortgage Calculator to calculate how much you will need to add to your current house payment in order to pay off your mortgage early, and calculate the interest you will save by making an accelerated mortgage payment.

Calculate Mortgage Payoff Goal Payment
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Instructions: Enter the original home loan amount, the annual percentage rate (APR), and the original home loan term in years.

Next enter the number of payments you've already made and the number of years you would like to pay off your mortgage, then click the "Calculate Mortgage Payoff Goal Payment" button.

Mouse over the blue question marks for a further explanation of each entry field. More in-depth explanations can be found in the glossary of terms located beneath the Early Payoff Mortgage Calculator.

Help Original home loan amount ($):
Help Annual interest rate (%):
Help Original loan term in number of years (#):
Help Number of payments already made (#):
Help New loan term in number of years (#):
Help Current mortgage payoff amount:
Help Current monthly principal and interest payment:
Help Amount to add to payment to achieve payoff goal:
Help New monthly house payment to pay off mortgage early:
Help Interest savings:

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Early Payoff Mortgage Calculator Glossary of Terms

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Original home loan amount: The dollar amount of the original home loan (principal borrowed).

Annual interest rate: The annual percentage rate (APR) of the home loan.

Original loan term in number of years: The original repayment term of the home loan in number of years.

Number of payments already made: The number of monthly house payments you have already made. If you have not made any payments, leave blank or enter a zero.

New loan term in number of years: The number of years you would like to pay off your home loan by. Be sure to enter a number that is less than the current number of years you have remaining on the home loan.

Early Payoff Mortgage Calculator Result Fields

Current mortgage payoff amount: This is how much you still owe (principal balance) on your home loan after deducting all of the principal payments you have already made.

Current monthly principal and interest payment: This is the amount of your current monthly principal and interest (PI) payment. This does not include property tax or insurance payments.

Amount to add to payment to achieve payoff goal: This is how much you will need to add to your payment each month in order to pay off the home loan as early as you specified.

New monthly house payment to pay off mortgage early: This is the total monthly payment you will need to make in order to pay off your house loan as early as you specified.

Interest savings: This is how much interest you will save by paying off your home loan as early as you specified.

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