functions Early Payoff Mortgage Calculator Enter your original loan balance: Enter your annual interest rate (no '%' sign): Enter the number of months left on your loan: Enter the amount that you plan to add to your monthly payment: Your New Monthly Payment: Expected Amount of Months Needed to Pay Off: Total Interest and Payment Amount Saved: //Define variables let loanBalance = 0; let annualInterestRate = 0; let monthsLeft = 0; let addPayment = 0; //Calculate function function calculate() { loanBalance = document.getElementById("loanBalInput").value; annualInterestRate = document.getElementById("intRateInput").value; monthsLeft = document.getElementById("monthsLeftInput").value; addPayment = document.getElementById("addPaymentInput").value; //Calculations //Original Loan Rate let originalLoanRate = (loanBalance * (annualInterestRate/12)) / (1 - Math.pow((1 + (annualInterestRate/12)), - monthsLeft)); //Loan Rate with Additional Payment let loanRatewithPayment = (loanBalance * (annualInterestRate/12)) / (1 - Math.pow((1 + (annualInterestRate / 12)), - monthsLeft)); loanRatewithPayment += ~~(addPayment); //Total number of Months Needed to Pay Off let monthsNeed = Math.ceil(loanBalance / ~~(addPayment)); //Total Interest and Payment Amount Saved let intAndPaymentSaved = Math.abs(monthsNeed * originalLoanRate - loanBalance); //Update output document.getElementById("monthlyPayment").innerHTML = "Your new monthly payment equals $" + loanRatewithPayment; document.getElementById("monthsNeeded").innerHTML = "With an extra payment each month, you will pay off the loan in " + monthsNeed + " months."; document.getElementById("intSaved").innerHTML = "By doing so, you will save a total of $" + intAndPaymentSaved; } Early Mortgage Payoff Calculators: Discover How To Accelerate Your Repayments Making extra payments to your mortgage loan can help you pay it off faster and save money in the long run. But if you want to determine how additional payments affect the total life of your loan, you may want to use an early mortgage payoff calculator. Here, we'll define what an early mortgage payoff calculator is and how to use one. What Is an Early Mortgage Payoff Calculator? An early mortgage payoff calculator is a tool that you can use to calculate how much money you can save if you make an extra payment on your home loan. It is designed to help you find out what the total number of payments would be if you pay more than the required amount of your mortgage payment and how much time payments would have been eliminated. How to Use an Early Mortgage Payoff Calculator It's easy to use an early mortgage calculator. The majority of them only require basic information, such as your loan amount, the interest rate, the term of the loan, and the amount you will be adding to the regular mortgage payment. Once you have entered all of this information, the calculator will show you how much interest you will save by making the extra payments. However, keep in mind that some mortgage loan calculators may also provide you with additional information, such as your total repayment savings. Different Types of Mortgage Calculators When looking for an early mortgage calculator, you may come across different types. Some of the most popular ones include amortization calculators, refinancing calculators, home equity loan calculators and biweekly payment calculators. While all these tools can help you get a better understanding of your loan, not all of them are suitable for early payoff calculations. As such, you should make sure to read the details before deciding which calculator is best for you. Additional Benefits Of Paying Off Your Mortgage Early Apart from the money and time savings, there are several other advantages to early repayment of your loan. Not only does paying off your mortgage early create a sense of accomplishment, but it also optimizes your credit score, which can open doors to more loan opportunities in the future. Plus, if you pay off your loan ahead of its time, then you don't have to worry about increasing interest rates and can instead enjoy some extra cash flow. Tips For Paying Off Your Mortgage Early In order to pay off your mortgage early, remember a few important points. First, you need to be consistent with making extra payments. Most mortgage lenders allow you so make extra payments on any day of the month but be sure to follow the guidelines and make sure to not pay more than the maximum amount indicated in your agreement. Second, you should consider refinancing your mortgage for a loan with a lower interest rate and use the difference you save to pay your loan down faster. Lastly, you might want to consider making biweekly payments, as this will help you reduce the lifetime of your loan and will help you pay it off earlier. Conclusion Using an early mortgage payoff calculator is an ideal way to figure out how much additional you need to pay in order to meet your goal. Incorporating several strategies, such as making extra payments, refinancing your loan, or opting for a biweekly payment program can be beneficial. Ultimately, it will depend on your financial situation and you should calculate what is the best and most affordable option for your situation.