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Early Payoff Mortgage Calculator to Calculate Mortgage Payoff Goal Payment

Calculator Preferences
Early Payoff Mortgage Calculator Sign
Early Payoff Mortgage Calculator

This mortgage payoff goal calculator will calculate the amount you will need to add to your monthly house payment in order to pay off your mortgage within a desired time frame -- plus calculate how much interest you will save in the process. Plus the calculated results include a year-by-year balance comparison chart showing the difference your payoff goal payment will make over time. The Tips tab includes:

  • Don't Lose Money On Your Early Mortgage Payoff Plan.
  • How a Coffee Habit Can Cost You $33,000, or More!
Learn More

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 you would like to pay off your mortgage by instead of the number of years stated in the original mortgage contract. 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 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.

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About

About the Early Payoff Mortgage Calculator

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.

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Instructions

How to use the Early Payoff Mortgage Calculator

Step #1:

Enter the original mortgage principal amount.

Step #2:

Enter the mortgage's annual interest rate.

Step #3:

Enter the original loan term in number of years (whole years only).

Step #4:

Enter the number of mortgage payments you have already made.

Step #5:

Enter the new payoff goal term in number of years.

Step #6:

Click the "Calculate Goal Payment" button.

Saving Entries:

If your web browser supports Local Storage, you can save your entries to your web browser so won't have to start over on your next visit. Please note that your saved entries can only be retrieved from the same device and web browser you were using when you stored them. If you would like to access your saved entries from any device I invite you to subscribe to the Ad-Free Member Version.

To save your entries to your web browser, click or tap the Data tab in the Help and Tools section (mobile: top right of the main screen), select "New Data Record" from the drop-down menu, enter a name for the data record, and then tap or click the Save button.

To load previously saved entries, click or tap the Data tab and select the saved data record from the drop-down menu. You can then save any changes to your entries by simply clicking the Save button while the data record is selected.

To clear a named set of saved entries, click or tap the Data tab, select the saved data record from the drop-down menu, and then tap or click the Clear button.

Numbers and Decimals:

Only numeric characters (0-9 and decimal points) may be entered in numeric fields. Non-numeric characters (dollar signs, percent signs, commas, etc.) may cause calculation errors. If the field includes a grid icon, tapping the icon will open a popup keypad which will include only the characters allowed in the field. If your device keypad does not include a decimal point, use this popup keypad to enter decimal numbers where applicable.

Popup Tool Tips:

Tap the info (i) icons for a further explanation of each entry field (you can click [X] or outside of the pop-up tool tips to close them). A summary of these explanations, along with any additional term explanations, can also be found under the Terms tab.

Disclaimer:

Since I can't test for every possible combination of numbers, please be sure to double-check the results of this calculator yourself before considering them to be valid. If you do discover an issue with the calculated results, please report the issue using the feedback form located below the calculator.

Scrolling & Shrinking:

In order to scroll the calculator vertically you will need to swipe just outside of the calculator's dark-blue border, or use the window's far right-hand scroll bar, whichever is applicable to your device.

If the top section of the calculator becomes to tall for your viewport, tapping in the "Enter a problem..." field should reset the top section to its original height.

Disclaimer:

The Algebra Calculator is the only calculator on the site that I did not create myself. And since I did not create it, I don't have access to the code for fixing any issues you may be experiencing. So if you are having issues with the calculator, please visit the support page at Mathway.com for assistance.

Glossary

Fields, Terms, and Definitions.

Reset button:

Clicking the "Reset" button will restore the calculator to its default settings.

Pocket Calculator

Calculate any amounts needed to enter into calculator.

 

Data Management

Save and retrieve entries and notes (requires HTML5 compliant web browser).

Calculator Data

Calculator Data:

If you are using the latest version of your web browser software, this feature will allow you to save your calculator entries to your web browser's local storage in between visits. This means the calculator entries can only be recalled with the same device and web browser you were using when you saved them. If you'd like to save data between devices you will need to subscribe to the Ad-Free Member Version.

Save: To save a new set of calculator entries, select "New Data Record" from the dropdown list, enter a nickname for the data record, then click the "Save" button.

Load: To load a previously saved set of calculator entries, simply select the name of the data record from the dropdown list.

Save Changes: To save changes to a set of previously saved calculator entries, be sure the name of the data record is selected, and then click the "Save" button.

Clear: To clear a saved set of entries, be sure the name of the data record is selected, and then click the "Clear" button.

Backup Data
My Notes:
Subscribe to the Cloud level of the Ad-Free Member Version to save your entries and notes to a secure online database, allowing you to access your saved entries from any device or web browser.

Sorry! The Save functions are bonus features reserved for those who allow ads to display on the page.

If you would like to use the Save features, please disable ad blocking for this website and refresh the page. Or you can choose to subscribe to the Ad-Free Member Version of the site.

Help and Tools

Help and Tools:

This section, which you can Unstick or Hide in the Calculator Preferences (just above the top of the calculator), contains the following tabs (content too long to fit within bordered frame can be scrolled up and down):

About: Click this tab for an introduction to the calculator.

Instructions: Click this tab for step-by-step instructions for using the calculator.

Terms: Click this tab for a list of the descriptions that are located within each popup help button (info icons).

PCalc: Click this tab for a handy "pocket" calculator you can use when you need to calculate an entry needed for the calculator.

Data: Click this tab to save a set of entries or a note in between visits. Entries and notes will be stored to your web browser's local storage (if supported by your browser of choice), meaning they can only be recalled with the same device and web browser you were using when you saved them. If you'd like to save entries and notes between devices you can do so by subscribing to the Ad-Free Member Version.

 

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