#PAYOFF MORTGAGE CALCULATOR UPDATE#

There is an emotional dividend beyond the interest savings in knowing your home is paid off, your family is secure, and you have one less thing to worry about. In general paying extra on your home is not simply just a financial decision. If you have other investments which you are fairly certain will have superior returns, or get tax advantages for contributing to a retirement program it can make sense to fund those other options too. If you have other higher-interest debts it can make sense to pay those off first.

Should I Overpay My Mortgage? Pay Higher Interest Debts First If you would like to enter a set number of months in your goal time use the following conversion chart to convert any additional months into the decmal fraction of a year. There are 12 months in a year, but our calculator is designed to input years and output months.

Combo Usage: As the results appear instantly, you can run multiple scenarios quickly and see, for example, what your monthly payment would be to pay off your remaining balance in x years at y rate.

Adjust Based On Monthly Budget: If you wanted to pay the loan off in 10 years but the monthly payments were too high for your budget then you could set the goal to 11.5 or 12 years and see what the right payment amount is to pay the loan off then.

You can adjust the rates and see how your payments would change should you remortgage today, see rates change, or obtain another loan at a different rate in the future.

Changing Rates: If interest rates rise or fall that can have a dramatic impact on your loan payments.

If you wanted to make a lump sum payment today as well, then you would subtract that lump sum amount from the current loan balance.

Lump Sum: This calcualtor works by showing the impact of regularly recurring payments of a set amount.

Start in Middle of a Loan: Use your current loan balance as the original loan amount, then set the term to how many ever years you would like to pay off the loan in and it will show the needed monthly payment.

Change Loan Term: If your initial loan term was 25 years but you would like to pay off the loan in 15 years you can set the loan term to 15 years and it will show you what monthly payment you would need to make to extinguish the debt in 15 years.

You can use it many different ways to figure your mortgage.

#PAYOFF MORTGAGE CALCULATOR UPDATE#

The following calculator uses JavaScript to instantly update loan payments based on changing any inputs. How Fast Can You Pay Off Your Home Loan? Calculate Your Monthly Payments to Reach Your Goal

Payoff mortgage calculator