This free online 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 calculator will also calculate the amount of interest you will save by paying off your home loan ahead of schedule.
Finally, the calculated results will include a year-by-year balance comparison chart so you can compare the year-end balances of your original mortgage terms with the year-end balances that will result from making your payoff goal payment amount.
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.