# Early Loan Payoff Calculator

Our Mortgage Payoff Calculator tells how much to add to monthly payments to reduce your loan term and how soon you will pay off your home loan.

While some financial experts caution against paying off a mortgage early (money once given to a lender isn’t always easily gotten back if or when you need it), if you have extra cash on hand and don’t like debt, reducing or eliminating your mortgage more quickly than the agreed upon schedule may give you the peace of mind or breathing room in your budget when you are older.

to request free refinance quotes from our database of pre-screened mortgage lenders.

## How to use the Early Payoff calculator

Here’s how it works: You input your original mortgage balance, the original term and interest rate. Then figure out how many month’s of payments you’ve already made. Finally, decide how soon you’d like to have your mortgage paid off. For example, a couple in their 40’s may decide that they’d like to pay off the 30-year loan they took out last year in 20 years. They input the particulars of their current loan, put in a new term of 20 years, and the Early Payoff Calculator determines how much extra they need to pay each month to make that happen.

## 15 Yr. Fixed – Purchase Rates from Our Lenders in California

But adding extra to your payment each month isn’t the only way to accelerate a mortgage. Refinancing to a shorter term might be a better way if you can get a lower mortgage rate. Interest rates are near historical lows.

Paying your mortgage early by refinancing to a 15 year loan reduces your interest expense because 15-year rates are lower than 30-year rates, and a 15-year loan also accelerates your loan payoff.

Using our Mortgage Refinance Calculator allows you to compare the payment on a new 15-year mortgage to the payment on the Early Payoff Calculator. You might be able to retire the loan even faster or pay less each month by refinancing.

1. pat lewis 30, Aug, 2012

i have a 30 year loan at 4 percent. If i pay an additional 3500 dollars to the principal yearly. how long will it take to pay the house off??

Would it be better if I continue paying \$100 into principal every month or refinance for 20 years at 3.3 % on a \$116,299 mortgage balance

I started with a 30 year loan in 2003. I have been putting \$250 extra per month toward the principle. With your calculations my balance is higher because there isn’t a box to put in the extra payments already made. What should I do?

i love it thank you

Five years ago, i bought a house for \$171,000. i had a down payment of \$35,000, which meant i took out a loan for \$136,000. my interest rate was \$5.6% fixed. i would like to pay more on my loan. i check my bank statement and find the following information. Escrow payment: \$232.78 Principle and Interest payment: \$751.90 Total payment: \$984.68 Current Loan balance: \$121,259.44 Assuming i currently meet my monthly expenses with no left over to speak of, how much more money a month do i need to make in order to pay off my loan in 20 years instead of 25? Is this reasonable? Is it more or less reasonable to consider refinancing my loan?

The rough rule of thumb is double your P ?>