2024 Mortgage Calculator: Payoff Date, Extra Payments & Interest Savings
Mortgage Calculator with Extra Payments
How to Calculate Mortgage Payoff with Extra Payments
- Enter Loan Details: Principal, interest rate, term
- Add Extra Payments: Monthly, yearly, or lump sum
- Analyze Results: New payoff date, total interest saved
Formula Used:
M = P[r(1+r)^n]/[(1+r)^n-1] + Extra Payment
(M = Monthly Payment, P = Principal, r = Monthly Interest Rate)
5 Factors Affecting Mortgage Payoff
- Interest Rate (6% vs. 7% = $50k difference)
- Loan Term (15 vs. 30 years)
- Extra Payment Frequency
- Amortization Schedule
- Prepayment Penalties
Mortgage Calculator FAQs
How do extra payments affect my mortgage payoff date?
Extra payments reduce principal faster, shortening your loan term. For example, a $200/month extra payment on a $300k mortgage could save $52,000 in interest.
Should I choose a 15-year or 30-year mortgage?
15-year loans save 50% interest but require higher payments. Use our calculator to compare scenarios.
Can I make lump-sum payments instead of monthly extras?
Yes! A $5,000 annual lump sum can shorten a 30-year loan to 22 years.
2025 Mortgage Trends
Latest data shows 63% of homeowners now prioritize extra payments to combat rising rates. Key stats:
- Avg. interest rate: 6.5% (up from 3% in 2021)
- Extra payments increase by 27% since 2022
Mortgage Calculator with Extra Payments
Monthly Payment
$0.00
$0.00
Total Interest
$0.00
$0.00
Payoff Date
–
–
Interest Savings
$0.00
$0.00
Mortgage Calculator FAQs
How do extra payments work?
Extra payments reduce your principal balance faster...
What's PMI insurance?
Required if your down payment is less than 20%...
