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    Mortgage Payoff Calculator

    Get a Mortgage Payoff Calculator branded for your website! Colorful, interactive, simply The Best Financial Calculators!
    How much interest can you save by increasing your mortgage payment? The mortgage payoff calculator helps you find out.
    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.



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    **FIG_GRAPHTITLE** Line Graph: Please use the calculator's report to see detailed calculation results in tabular form.

    Mortgage Payoff Calculator 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.