Mortgage Payoff Calculator

Using a mortgage payoff calculator will enable you to find out how much more you'll have to pay with each monthly mortgage payment in order to payoff your mortgage early. The extra payments each month are applied to the mortgage principal, and this will shorten the term of the loan, sometimes substantially. With time, effort, patience and planning, it certainly is possible to payoff your mortgage and become debt free.

If you have the ability to make additional payments on your monthly mortgage, then the payoff calculator will allow you to determine when the mortgage payoff date will be depending on how large your extra payments are.

Using the Loan Payoff Calculator

The payoff calculator requires five separate inputs:

1. The existing principal amount remaining on the loan,
2. The original term of the loan (in years),
3. The interest rate of the loan,
4. The number of loan payments made to date, and
5. The new loan term (e.g., enter 10 if the loan is to be paid off in 10 years, etc.)

Once this information is entered, the calculator will tell you instantly how much your new monthly payment will have to be in order to payoff the mortgage by the end of the shorter loan term. It will also tell you the extra payment you'll have to add to each of these monthly mortgage payments.

For more information about rental property financing, please visit " The Landlord's Library " book collection.

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