Early Mortgage Payoff Calculator
The traditional loan term lasts 30 years. When you first take out a home loan, this length of time may seem like an eternity, and some may imagine they’ll be in debt for the rest of their lives. However, if you have the financial means to pay a little extra into your mortgage every once in a while or even every month, the loan term can be cut significantly.
Rather than imagining there’s no end in sight for your loan, imagine instead paying off your loan ten years earlier than anticipated. Beyond the incredible relief you’d feel from not having that responsibility each month, you’d also start saving up paychecks rather than spending them on your house.
By paying off your mortgage earlier, you would be significantly cutting interest rate costs. With an early mortgage payoff calculator, you can easily view exactly how much you’d be saving with a condensed schedule. Some calculators plug in predicted payments to show when the loan would be completely paid off. Others operate in the reverse; after plugging in the time frame of when you would ideally want to finish paying your loan, the calculator determines how much extra you would need to make in payments each month.
Paying off loans earlier than scheduled won’t benefit everyone. With larger monthly payments, finances do get stretched. But if you have the wiggle room to do so, early mortgage payoff might be a great option for you. Sketch out a possible plan for the future with the early mortgage payoff calculator.