Mortgage Payoff Calculator

How much interest can you save by increasing your mortgage payment? This financial calculator helps you find out. Click the "View Report" button to see a complete amortization payment schedule and how much you can save on your mortgage.

Javascript is required for this calculator. If you are using Internet Explorer, you may need to select to 'Allow Blocked Content' to view this calculator.

For more information about these these financial calculators please visit: Financial Calculators from KJE Computer Solutions, LLC

Financial Calculators from
Dinkytown.net

CalHFA - Mortgage Payoff Calculator

Mortgage payoff inputs:
Press spacebar to hide inputs

Total savings $0

Years remaining:

Original mortgage term:

Original mortgage amount:

Additional principal payment:

Annual interest rate:

Report amortization:

Report amortization

Annually

Monthly

Mortgage payoff result summary:

Current payment: $0.00

Scheduled payments: $0

Accelerated payment: $0

Accelerated payments: $0

Press spacebar to show inputs

Please view the report to see detailed results in tabular form.

Mortgage Balances and Interest
press spacebar to hide graph

Definitions

Annual interest rate: The annual interest rate used to calculate your monthly payment. Please note that this is different than an 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. The most common lengths are 15 years 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 per month. This payment will be used to 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 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.

Information and interactive calculators are self-help tools for your independent use and are not intended to provide investment 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 qualified professionals, including our Preferred Loan Officers, regarding all personal finance issues.

Updates Icon Homebuyer Updates

Latest Videos

Leslie Ann finds the perfect home.

Eligibility Questions?

Use the Eligibility Calculator

CalHFA's Homebuyer Education

ONLINE: eHome's eight-hour Homebuyer Education and Counseling course is the only online course accepted by CalHFA. (fee: $100) Other online courses like Frameworks are not acceptable because they do not provide a one-hour, 1-on-1 counseling follow-up session.

IN-PERSON or VIRTUAL: Live Homebuyer Education and Counseling in-person or virtually though NeighborWorks America or any HUD-Approved Housing Counseling Agency

Call Toll Free 877.9.CalHFA (877.922.5432)