Find Great Tips &
Strategies Here that the
Banks Won’t Tell You
Pay Off Your Mortgage Faster
Use this calculator to determine how much you can save over the life of your mortgage by making pre-payments and increasing your payment frequency.
- Enter all your monthly figures for each category where applicable.
These categories include credit card debt, auto loan debt, personal loans, real estate loans. We’ve included three additional loan options in case we missed any. Be sure to include the appropriate interest rate and term length for each category. - Enter the details of the new consolidated loan you are considering. Include details such as the loan balance of your new consolidation loan, the monthly payment amount you can reasonably pay, the interest rate or Annual Percentage Rate (APR) and the term of your loan, in months.
Mortgage Payoff Calculator
The original amount financed with your mortgage, do not confused this with the remaining balance or principal balance.
Annual interest rate for your mortgage.
The number of years over which you will repay this loan. The most common mortgage amortization periods are 20 years and 25 years.
The payment type determines the frequency of payments.
- Monthly: 12 payments per year
- Bi-monthly (semi-monthly): 24 payments per year
- Bi-weekly: 26 payments per year
- Weekly: 52 payments per year
Because there are more weeks than months in a year, accelerated weekly or bi-weekly payment schedules result in the equivalent of one extra full monthly payment each year. That extra amount goes straight to your principal, saving you thousands in interest and taking years off your mortgage.
Total number of years remaining on your original mortgage.
Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the selected additional payment frequency.
The frequency of prepayment. The options are weekly, bi-weekly, semi-monthly, monthly, yearly and one-time payment.
Choose how the report will display your payment schedule. Annually will summarize payments and balances by year. Monthly will show every payment for the entire term.
Your principal and interest payment (PI) per period.
Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.
Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.
Total amount of interest you will save by prepaying your mortgage.
* Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
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