Mortgage Payoff Calculator

Accelerated mortgage payoff

These loans are usually five to 10 years long and expect borrowers to repay only a fraction of their debt during that time. While they're often easier to qualify for than a traditional 30-year loan, and charge lower interest rates, there's a big catch. When a balloon mortgage ends, borrowers must payoff the remaining balance, usually by refinancing or selling the home.

Mortgage Calculators

This Financial Calculator requires SUN's Java? Plug-in. If you see this message you will need to download SUN's Java? Plug-in. This can be done automatically by clicking the yellow bar at the top of your browser and choosing ?Install ActiveX Control?.
    You can also get SUN's Java? Plug-in here: Get the Java? Plug-in!

    For more information about this Plug-in please visit: SUN's Java? Plug-in
    For more information about these financial calculators please visit: Financial Calculators from KJE Computer Solutions, LLC

Definitions:

Annual interest rate
The annual interest rate used to calculate your monthly payment. Please note that this is different than an 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.
Mortgage length (years)
Total length, or term, of your original mortgage in years. The most common lengths are 15 years and 30 years.
Original mortgage amount
The original amount financed with your mortgage, not to be confused with the remaining balance or principal balance.
Additional monthly payment
Your proposed extra payment per month. This payment will be used to reduce your principal balance.
Scheduled payment
Monthly principal and interest payment (PI) based on your original mortgage amount, term and interest rate.
Accelerated payment
Scheduled payment plus additional monthly payment.
Total savings
Total amount you would save in interest if you made the accelerated payment until your mortgage was paid in full.