The mortgage payoff calculator will help you to calculate the amount of interest that you will save by paying your mortgage off early. This may be achieved by increasing the monthly mortgage payment that you make so that the extra money is directly deducted form your mortgage principal balance. This calculator will create an amortization schedule based on increasing your monthly mortgage payments in order to payoff your mortgage early.
Mortgage Payoff Calculator Overview
Most mortgage lenders allow borrowers to prepay on the principal balance of their mortgage without a prepayment penalty. Paying off the mortgage balance early shortens the period of time that the mortgage is in place. Paying off your mortgage early also decreases the total amount of interest that you will pay on the mortgage. Paying off your mortgage early can potentially save you thousands of dollars.
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