Years remaining: The number of years left on your mortgage term.Current mortgage payment: The monthly payment, principal and interest, based on your original mortgage amount (doesn’t include current homeowners insurance or taxes)Īs you use the calculator, there are some mortgage terms that you’ll need to know.Annual interest rate: The simple interest rate on your loan that doesn’t include private mortgage insurance, the origination fee or point(s) paid at the beginning of the mortgage (this is why this rate is lower than your annual percentage rate (APR), which does include these fees).Remaining mortgage amount: The amount you first financed (includes interest, so don’t confuse it with the remaining principal balance).Original mortgage term: The length of your original mortgage in years (15-, 20- and 30- year terms are the most common).Years left on the original mortgage termĪs you use the calculator, there are some mortgage terms that you might need to know.Number of years in which you’d like to pay off your mortgage, if applicable.Original loan term (years your mortgage spans).Make sure you already know or have the following handy:
#MORTGAGE CALCULATOR EXTRA PAYMENT AND CURRENT BALANCE HOW TO#
How To Use This Mortgage Payoff Calculatorīefore you start, you’ll need to gather some information.
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