Loan payoff calculator extra payments how to#
Loan payoff calculator extra payments free#

For instance, closed-end loans-which make up most standard mortgages-can restrict prepayments entirely or require borrowers to pay a heavy penalty if they pay off or refinance their loan within a certain number of years (typically three to five). However, some types of mortgages come with prepayment penalties.

Loan payoff calculator extra payments free#

After all, not having that recurring monthly payment while also getting to own your home free and clear can be a liberating feeling. Many people with the resources may think paying off their mortgage early makes sense. Current mortgage payment: The monthly payment, principal and interest, based on your original mortgage amount (doesn’t include current homeowners insurance or taxes).This rate will be lower than your annual percentage rate (APR), which does include these fees. Annual interest rate: The simple interest rate on your loan that doesn’t include private mortgage insurance (PMI), the origination fee or point(s) paid at the beginning of the mortgage.This is not to be confused with the remaining principal balance. Remaining mortgage amount: The amount you still have financed, including interest.Original mortgage term: The length of your original mortgage in years (15-, 20- and 30- year terms are the most common).Years remaining: The number of years left on your mortgage term.Current mortgage payment: The monthly payment, principal and interest, based on your original mortgage amount (doesn’t include current homeowners insurance or taxes)Īs you use the calculator, there are some mortgage terms that you’ll need to know.Annual interest rate: The simple interest rate on your loan that doesn’t include private mortgage insurance, the origination fee or point(s) paid at the beginning of the mortgage (this is why this rate is lower than your annual percentage rate (APR), which does include these fees).Remaining mortgage amount: The loan amount you still need to pay, including interest (don’t confuse it with the remaining principal balance).Years left on the original mortgage termĪs you use the calculator, there are some mortgage terms that you might need to know.

Number of years in which you’d like to pay off your mortgage, if applicable.

Original loan term (years your mortgage spans).

Make sure you already know or have the following handy:

Loan payoff calculator extra payments how to#

How To Use This Mortgage Payoff Calculatorīefore you start, you’ll need to gather some information.