Finanzen
Mortgage Payoff Calculator
See how much time and interest you can save by making extra payments on your mortgage.
Verwendung
- Enter your Current Mortgage Balance.
- Enter your current Interest Rate and Remaining Term (how many years left).
- Input the Extra Payment you plan to make each month.
- The calculator instantly shows how many years you shave off your mortgage and the total interest savings.
Formel
Amortization Math:
Standard Payment = P[r(1+r)ⁿ] / [(1+r)ⁿ - 1]
New Payment = Standard Payment + Extra Payment
New Term (months) = -log(1 - (P × r) / New Payment) / log(1 + r)
Where:
P = Principal Balance
r = Monthly Interest Rate (Annual Rate / 12)
n = Total remaining months
Standard Payment = P[r(1+r)ⁿ] / [(1+r)ⁿ - 1]
New Payment = Standard Payment + Extra Payment
New Term (months) = -log(1 - (P × r) / New Payment) / log(1 + r)
Where:
P = Principal Balance
r = Monthly Interest Rate (Annual Rate / 12)
n = Total remaining months
The Mortgage Payoff Calculator helps homeowners build equity faster. By simulating extra monthly payments, it calculates the exact reduction in the loan term and the thousands of dollars in interest you can save over the life of the loan.