The Mortgage Payoff calculator is only to be used to get a rough estimate. To get a more detailed and accurate figure make sure to consult with a licensed mortgage professional. If you would like to speak with a mortgage professional call (866) 632-8897 to get started.
Quicker payments can reduce the term length and save interest expenses. Use this calculator to see changes in monthly scheduled payment and total interest payment resulting from an increased or decreased.
- Annual interest rate
- The simple interest rate (not the APR) that is applicable annually on the mortgage. Normally, this rate of interest is higher than the current rate of simple interest.
- Original mortgage term
- Actual term length of the mortgage when the contract was initiated.
- Years Remaining
- Remaining term length (in year) on the original mortgage.
- Original mortgage amount
- The original value of the mortgage when it was set up.
- Additional monthly payment
- Amount you want to pay additionally with the scheduled monthly payment.
- Current mortgage payment
- Interest and principal payments for each month according to the original mortgage contract.
- Monthly accelerated payment
- Combined result of originally scheduled monthly payment and proposed planned additional monthly payment.
- Total savings
- Dollar amount you can save by increasing the monthly payment to reduce the term length and interest expenses.