How to Figure Out When I Will Have My Mortgage Paid Off
Finally paying off your mortgage may seem so far off in the future that you don't think much about it. After all, it could take 30 years or even longer before the loan is gone and the home is all yours. But if you decide to pay extra principal toward your mortgage every month or year, you should estimate how this action affects your payoff date. You can figure out when you'll have your mortgage paid off with an online calculator.
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Instructions
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Use the Extra Payment Calculator at the Mortgage X website to figure out when you'll finish making payments on your loan. Insert loan terms and click the option to "Enable Annual (or Monthly) Prepayments." You can type in a monthly extra payment amount or up to 50 one-time payments into the future. When you run the calculation it tells you the last payment month and year.
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Enter your mortgage loan details into the calculator offered by EastWest Bank to figure out your loan end-date if you're planning to make extra payments. The tool accepts values for rate, term in years, amount and your additional payment on a monthly basis. When finished, you'll see both your total interest savings and the payoff date. You may need to install a plug-in on your computer to use this calculator.
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Determine how long it will take to pay off the loan using the Mortgage Mavin's Extra Payment Mortgage Calculator for biweekly arrangements. When you pay biweekly instead of monthly it shortens the length of the loan. Plug in your loan terms then select the drop down box for "Biweekly Fixed-Rate" to find out the new loan length. You can also enter a certain number of prepayments each year as an alternative, along with the amount, to reveal the new payoff date.
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