Mortgage Payoff Calculator

Select currency, enter value and click on calculate. Result will be displayed.
Currency:
Original Mortgage Amount:
Annual Interest Rate:
%
Repayment Period:
Years
Remaining Principal on Mortgage:
Additional Payment Amount:
Current Monthly Payment:
New Monthly Payment:
Time Remaining with Standard Payment:
Month
Time Remaining with Additional Payment:
Month
Time Saved by Additional Payment:
Month
Rupees to Pay with Standard Mortgage Payments:
Rupees to Pay with Additional Payment:
Rupees Saved by Additional Payment :

A Mortgage Payoff Calculator is a tool that helps you determine how long it will take to pay off your mortgage based on various factors such as:

Loan Amount (Principal): The original amount you borrowed.
Interest Rate: The annual percentage rate (APR) charged by the lender.
Loan Term: The length of the mortgage, typically 15, 20, or 30 years.
Monthly Payment: Your fixed monthly payment towards the mortgage (excluding taxes and insurance).
Extra Payments: Additional payments (either lump sum or extra monthly payments) you might make to pay off the mortgage faster.
Key Features of a Mortgage Payoff Calculator:
Calculate Time to Pay Off: It can help you estimate how many years or months it will take to pay off your loan with your current payments, or with extra payments added in.

Interest Savings: By adding extra payments, the calculator can show you how much interest you will save by reducing the loan balance more quickly.

Remaining Loan Balance: You can also input a specific month/loan stage to find out what the balance remaining on the mortgage is at that point in time.

Total Interest Paid: It can calculate how much interest you will pay over the life of the loan under your current payment plan versus if you made extra payments.

Example Use Case:
If you're trying to pay off your mortgage faster by making extra payments, you can input your current loan details and extra payment amount to see how it affects your loan payoff time and the total interest saved.
There are many online calculators that provide this information by simply entering your mortgage details. Some even allow for custom scenarios, like refinancing or changes in interest rates.