When Will I Pay My Mortgage Off?

Payoff Your Home Faster by Making Extra Monthly Loan Payments

Can you afford to pay a higher monthly payment each month? Insert the amount you would like to pay each month & this calculator will figure how many years you save on your home loan given that additional payment versus a loan set to amortize over the initial specified loan period.

Making Extra Payments Starting a Few Years In

If you are already a couple years into your loan and are just beginning to make extra payments then you can adjust the loan amount in this calculator to whatever your current balance is. If you were 2.5 years in to a 30-year loan and your balance on a $250,000 loan is $218,600 then you would:

• Enter $218,600 as the loan amount.
• Enter 27.5 years as the loan term.
• Knowing your old P&I payments is not required. It is automatically calculated based on the above data.
• If you are uncertain what your balance is, you can use this calculator to see your current balance.

Calculator Rates

Your Current Mortgage Info	Amount
Appraised Home Value:	($)
Current Remaining Balance:	($)
Remaining Term on Original Loan:	(Years)
Interest Rate: See Current San Diego Rates	(%)

Enter ONLY the Principal & Interest Portion of Your Payments

Please note this calculator only uses the principal and interest (P&I) portion of your mortgage payment. If you include property taxes, HOA fees, PMI or other expenses in your loan payment then you will have to subtract those out when using this calculator. For example, if an all-in PITA mortgage payment is $2,000 but only $1,500 of that amount goes to P&I and you want to add an extra $300 monthly to your payments then you would put $1,800 in the monthly payment box below.

Your New Monthly Payment	Amount
New Monthly P&I Payment:	($)
Show Schedule Table

Want a Printable Report or to Email Your Results?

This calculator comes with three convenient, helpful options for viewing your results.

• View results online by clicking calculate,
• Save your results as a PDF by clicking let me print that, or
• Email yourself a printable PDF by entering your email address & clicking on the email PDF report button

 Let Me Print That Form in PDF!

Email Printable PDF Report?
Send calculation results to email
Your Email Address :

Protecting Your Privacy

No personal details are required to see the online results & emails are only used to send the requested reports. We do not store copies of the generated PDFs and your email record and calculation are immediately discarded after sending the report. All pages on this site protect user privacy using secure socket technology.

Money Saving Tip: Refinance Your San Diego Home to Lock-in Low Rates Today

How much money could you save? Pay off your San Diego loan faster by locking in low rates today!

By default 30-yr fixed-rate $250,000 refinance loans on a $312,500 home are displayed in the table below. Filters enable you to change the loan amount, duration, or loan type.

When Will I Pay My Mortgage Off?

If you only pay your established monthly mortgage payment each month, it will be easy to figure out when you are going to pay off your house: At the end of your loan term, usually in 30 years.

However, there are a number of reasons why you might inadvertently change the original terms of your loan, leaving you uncertain when you will finally pay off your mortgage. For example, you may lose your job and need to work out a reduced or delayed payment plan with your lender. Since interest is still accruing during that time, you don't just move back the term of your loan by the number of months you were paying less than usual. You will need to recalculate your payoff date.

Extra Home Mortgage Payment Calculator

You may also come into some more money that you want to put toward your mortgage. For example, you may get a great bonus from work at the end of the year or at the completion of a special project. You may win some money through a raffle or a special trip to the casino. You may come into some inheritance that you want to use to pay down your mortgage quicker. You may just get a better job in which you're making more money, or you may eliminate some other debts or free up some money in your monthly budget that you now want to put toward your mortgage to pay it off faster.

Paying extra money on your mortgage, whether you do it each month or you do it in periodic payments such as when you get a bonus, can help you to save money over the life of the loan. You'll reduce the overall interest you have to pay. Depending on how much extra you pay, you could save yourself thousands in interest charges over the years.

Calculating Your New Payoff Date

Using the above calculator can help you get a clear picture of how much more quickly you can pay off your loan based on how much extra you plan to pay each month. The above calculator is also useful if you are trying to figure out how much extra you would need to pay if you want to have your house paid off by a certain date to meet financial goals, such as being able to retire early.

To use the calculator, just put in the amount of the original loan, the interest rate, the length of the loan, and the monthly payment that you propose. The results will be e-mailed directly to you within moments with a plain-English analysis. If you are trying to figure out how much you need to pay to meet a pay-off goal, you will just need to keep experimenting with the monthly payment until you get the results you want.

Of course, the calculator can only give you an estimate to help guide your financial planning. You will need to talk directly with a loan counselor to understand how your payments impact your particular loan. For example, you loan may include a penalty for early re-payment. By talking to a loan counselor, you can understand all the circumstances that may affect your loan so that you can make the best decision to meet your financial goals.