Mortgage Calculators Early Payoff Find out how much you can save by paying off your mortgage early with this calculator. Current Loan Balance ($) : Current Interest Rate : # Payments Remaining : Payment Amount ($) : Additional Payment ($) : Savings Summary : Total Interest Saved : 0 Total Payment Saved : 0 Total Money Saved : 0 function calculateSavings() { var balance = document.getElementById('balance').value; var rate = document.getElementById('rate').value / 1200; var payments_remaining = document.getElementById('payments_remaining').value; var payment_amount = document.getElementById('payment_amount').value; var additional_payment = document.getElementById('additional_payment').value; totalMoneySaved = (payment_amount * payments_remaining) - ((payment_amount + additional_payment) * payments_remaining); totalInterestSaved = (balance * rate * payments_remaining) - (balance * rate * payments_remaining); totalPaymentSaved = payments_remaining * (payment_amount - (payment_amount + additional_payment)); document.getElementById('total_money_saved').innerHTML = totalMoneySaved.toFixed(2); document.getElementById('total_interest_saved').innerHTML = totalInterestSaved.toFixed(2); document.getElementById('total_payments_saved').innerHTML = totalPaymentSaved.toFixed(2); } What are Mortgage Calculators? Mortgage calculators are online tools which enable homeowners to estimate their mortgage payments and determine how much they can save by making additional payments towards their loan. These calculators provide useful information on loan amounts and payment amounts, allowing individuals to plan better for their financial future. Mortgage calculators are especially useful for determining whether an early payoff of a mortgage is a wise financial move. Understanding Mortgage Calculators Early Payoff Calculations In order to understand the impact of early repayment on a given mortgage loan, it is important to have a basic understanding of mortgage calculators. Mortgage calculators assist in understanding the total cost of a loan and the total interest paid over the course of the loan. Mortgage calculators also provide information concerning options such as making additional payments of prepaying the loan or refinancing. This information is critical for making an informed choice about the best course of action concerning the repayment of a mortgage loan. Advantages of Making an Early Payoff Using a Mortgage Calculator Making an early payoff with a mortgage calculator can help you generate substantial savings over the life of the loan. When you make an early payoff, you are effectively reducing the amount of interest you will have to pay over the life of the loan, resulting in lower interest payments and more money in your pocket each month. In addition, making an early payoff on a mortgage calculator can also reduce the amount of principal and interest you owe, making the loan more manageable and significantly reducing the total loan amount. Tips for Successfully Using a Mortgage Calculator to Make an Early Payoff Making an early payoff on a mortgage calculator is a great way to save money, but it is important to be aware of the different types of prepayment options available. For example, most lenders allow borrowers to make additional payments on their loans. Depending on the terms of your loan, these additional payments may be applied towards the principal or interest. It is important to check with the lender to determine how much of a payment will be applied towards the principal. In addition, many lenders offer options such as refinancing or bi-weekly payments which can help reduce the total loan amount and the length of the loan. Refinancing a mortgage can be a great way to save money, but it is important to make sure that you shop around and compare the different offers to ensure that you are getting the best deal. It is also important to remember that making an early payoff with a mortgage calculator can have an impact on your credit score. For this reason, it is important to make sure that all payments are made on time and that you do not neglect any of your other financial obligations. Failure to do so could negatively affect your credit score and potentially result in difficulty in obtaining financing in the future. Conclusion Mortgage calculators are excellent tools for planning and understanding the financial implications of various mortgage loan options. Making an early payoff with a mortgage calculator can help homeowners save money and make their loan more affordable. However, it is important to consider the different options available and take steps to maintain a good credit score to ensure a successful early payoff.