Homeowner Resources
Learn about our refinancing and home equity products, plus financing for home improvements and home energy upgrades.
Does it make sense to pay off your mortgage early?
Have you ever wondered how much interest you could save by increasing your mortgage payments in order to pay off your home faster? Now you can find out with our handy mortgage payoff calculator. Just enter your mortgage details and play around with different additional payment amounts to see how many years, and how much money in interest, you could potentially shave off your mortgage!
Another option to consider is refinancing your mortgage. Try our mortgage refinance calculator, learn more about refinancing with BankFive, or schedule a consultation with one of our mortgage experts to discuss your options.
By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.
Financial Calculators from
Dinkytown.net
Mortgage Balances and Interest Line Graph: Please use the calculator's report to see detailed calculation results in tabular form.
Financial Calculators from
Dinkytown.net
KJE Calculator License Not Found for: bankfive-com.w3.wfdev.net
Mortgage payoff inputs: | Total savings $44,233 |
Report amortization:
Mortgage payoff result summary:
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Mortgage Balances and Interest |
Definitions
Annual interest rate
The annual interest rate used to calculate your monthly payment. Please note that the interest rate is different from the 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. Common terms are 15, 20 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 principal payment
Your proposed extra payment amount per month. This amount will be used to further 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 your additional principal payment.
Total savings
Total amount you would save in interest if you made the accelerated payment until your mortgage was paid in full.
