Early Payoff Mortgage Calculator to Calculate Mortgage Payoff Goal Payment

Early Payoff Mortgage Calculator Sign

This free online calculator will calculate the amount you will need to add to your monthly house payment 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.

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Early Payoff Mortgage Calculator

Calculate mortgage payoff goal payment, along with the interest savings it will yield.

Special Instructions

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Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
Orig loan:Original loan:Original loan amount:Original home loan amount:

Original home loan amount:

Enter the dollar amount of the original home loan (principal borrowed) without the dollar sign.

Rate:Interest rate:Annual interest rate:Annual interest rate:

Annual interest rate:

Enter the annual percentage rate (APR) of the home loan without the percent sign (for 6.5%, enter 6.5).

Orig years:Original years:Original term in years:Original home loan term in number of years:

Original home loan term in number of years:

Enter the original repayment term of the house loan in number of years (whole years only, i.e., no decimal point).

Pmts made:# pmts made:Number of payments made:Number of payments already made:

Number of payments already made:

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

Goal years:Goal payoff yrs:Payoff goal # of years:Payoff goal number of years:

Payoff goal number of years:

Enter the number of years from now you would like to have your mortgage paid off. The calculator will take into account the number of payments you've already made, so be sure to enter a number that is less than the current number of years you have remaining on the mortgage.

Payoff:Current payoff:Current payoff amount:Current mortgage payoff amount:

Current mortgage payoff amount:

Based on your entries, this is how much you still owe (principal balance) on your home loan after deducting all of the principal payments you have already made.

Crnt pmt:Current pmt:Current monthly payment:Current monthly P & I payment:

Current monthly principal and interest payment:

Based on your entries, this is the amount of your current monthly principal and interest (PI) payment. This does not include property tax or insurance payments.

Add amt:Add amount:Amount to add to payment:Amount to add to payment to achieve goal:

Amount to add to payment to achieve payoff goal:

Based on your entries, this is how much you will need to add to your payment each month in order to pay off the mortgage as early as you specified.

New pmt:New payment:New monthly payment:New monthly principal and interest payment:

New monthly principal and interest payment:

Based on your entries, this is the total monthly payment you will need to make in order to pay off your mortgage as early as you specified.

Savings:Interest savings:Interest savings:Interest savings:

Interest savings:

Based on your entries, this is how much interest you will save by paying off your mortgage as early as you specified.

If you would like to save the current entries to the secure online database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

Help and Tools


Things to consider before starting your plan.

Don't Lose Money On Your Early Mortgage Payoff Plan

Before starting an early mortgage payoff plan please consider the following cases where it may end up costing you money instead of saving you money.

Higher Interest Rate Debt

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.

Employer Matches 401K Contributions

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.

Mortgage Company Penalizes You for Prepayments

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.

Mortgage Company Escrows Your Prepayments

Check to make sure your mortgage company doesn't simply escrow your prepayments (applying them at the end of the loan term) instead of applying them to the balance when they are made. If so, your prepayments will likely be better invested elsewhere.

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 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 workday), 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?"

Adjust Calculator Width:

Move the slider to left and right to adjust the calculator width. Note that the Help and Tools panel will be hidden when the calculator is too wide to fit both on the screen. Moving the slider to the left will bring the instructions and tools panel back into view.

Also note that some calculators will reformat to accommodate the screen size as you make the calculator wider or narrower. If the calculator is narrow, columns of entry rows will be converted to a vertical entry form, whereas a wider calculator will display columns of entry rows, and the entry fields will be smaller in size ... since they will not need to be "thumb friendly".

Show/Hide Popup Keypads:

Select Show or Hide to show or hide the popup keypad icons located next to numeric entry fields. These are generally only needed for mobile devices that don't have decimal points in their numeric keypads. So if you are on a desktop, you may find the calculator to be more user-friendly and less cluttered without them.

Stick/Unstick Tools:

Select Stick or Unstick to stick or unstick the help and tools panel. Selecting "Stick" will keep the panel in view while scrolling the calculator vertically. If you find that annoying, select "Unstick" to keep the panel in a stationary position.

If the tools panel becomes "Unstuck" on its own, try clicking "Unstick" and then "Stick" to re-stick the panel.