Mortgage Payoff Goal Calculator
Considering paying off your mortgage? Know what your complete financial situation looks like before making your decision.
If your financial situation allows you to pay off your mortgage earlier, it can save you thousands of dollars in interest. The next question is “How?”
- Pay a little extra here and there. Get a raise or a bonus? Put it toward your mortgage.
- Make a quarterly mortgage payment on top of your monthly payment. Adding in just four extra payments per year can be easier on your wallet, but still makes a large impact.
- Refinance with a shorter term. A shorter term will increase your payment, but save a significant amount of interest. Plus, you’ll be out of debt faster.
- Pay a 15-year payment on your 30-year mortgage. If you already have a lower interest rate, you can increase your payment without restructuring your mortgage.
- Consider downsizing. This is a substantial, yet very effective change that can help you pay off your existing mortgage, lessen your debt, reduce household expenses and cut down maintenance and upkeep.
Find out how much interest you can save by increasing your mortgage payment.
Information made available with our self-help tools are for your independent use and are not intended to provide mortgage payment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from our qualified Loan Originators regarding mortgage loan issues.