Do you know where you stand with your mortgage? Do you know how many more payments you currently have left on your current home mortgage loan? By entering in your monthly payment, your balance remaining, and your interest rate, this simple calculator can tell you exactly how long you have before your balance will be paid off, how much interest you will end up paying, and the number of payments that you will make through the life of your home mortgage loan. It will also show you the savings you could be receiving by making bi-weekly mortgage payments versus making monthly mortgage payments.
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Mortgage Payoff Calculator
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Comprehensive Mortgage Glossary
Monthly Payment: The monthly payment would be the amount of money that you pay on your mortgage on a monthly basis. For example if your mortgage monthly payment was $500, you would enter 500. If your mortgage payment includes an escrow account, be sure to use the principal and interest portion of the payment only.
Your Balance: The balance of the mortgage would be the amount that you have to pay on your mortgage (also known as "mortgage payoff"). For example on your monthly mortgage statement it will say either mortgage balance or mortgage payoff. You would insert that dollar amount, rounded to the nearest dollar, in the "Balance" portion of the calculator above. You can get your mortgage balance from your mortgage lender by calling them and asking for your mortgage balance.
Interest Rate: The interest rate would be the annual interest rate that you would be charged on your mortgage. For example you would enter a interest rate like this 5.25.
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