Mortgage Payoff Calculator

Pay more per month to save a lot more long-term.
Prequalify Now

By increasing your monthly mortgage payment, you could potentially save thousands of dollars in interest. Find out if you should take advantage of a mortgage payoff.




Financial Calculators from
Dinkytown.net

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Mortgage Payoff Calculator | Cornerstone Home Lending
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$0k
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$1k
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1%
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17%
25%
Report amortization:

Please view the report to see detailed calculation results.

Definitions

Annual interest rate
The annual interest rate used to calculate your monthly payment. Please note that this is different than an Annual Percentage Rate (APR) which includes other expenses such as mortgage insurance, and the origination fee and or point(s), which were paid when the mortgage was first originated. The APR is normally higher than the simple interest rate.
Original mortgage term
Total length, or term, of your original mortgage in years. The most common lengths are 15 years and 30 years.
Years Remaining
Total number of years remaining on your original mortgage.
Original mortgage amount
The original amount financed with your mortgage, not to be confused with the remaining balance or principal balance.
Additional monthly payment
Your proposed extra payment per month. This payment will be used to reduce your principal balance.
Current mortgage payment
Monthly principal and interest payment (PI) based on your original mortgage amount, term and interest rate.
Monthly accelerated payment
Scheduled payment plus additional monthly payment.
Total savings
Total amount you would save in interest if you made the accelerated payment until your mortgage was paid in full.