Early Mortgage Payoff Calculator Enter values for the following fields: Current Mortgage Balance: Extra Monthly Payment: Current Interest Rate: Current Loan Term (in months): Result: function calculator() { let currentMortgageBalance = parseFloat(document.getElementById('currentMortgageBalance').value); let extraMonthlyPayment = parseFloat(document.getElementById('extraMonthlyPayment').value); let currentInterestRate = parseFloat(document.getElementById('currentInterestRate').value) / 100; let loanTerm = parseFloat(document.getElementById('loanTerm').value); let monthlyInterestRate = currentInterestRate / 12; let totalPayment = extraMonthlyPayment + (currentMortgageBalance * monthlyInterestRate / (1 - Math.pow(1 + monthlyInterestRate, -loanTerm))); let monthsRemaining = currentMortgageBalance / totalPayment; document.getElementById('result').value = monthsRemaining.toFixed(2); } The Benefits of Utilizing Early Mortgage Payoff Calculators When it comes to mortgages, there are many potential options available. For many, they find themselves with a variety of choices and are not sure which might be the best for them. One of the best options to consider is an early mortgage payoff calculator. With this option, it may be possible to save money in the long run while still enjoying the benefits of the loan. Here are a few of the advantages that come with using early mortgage payoff calculators. Lower Monthly Payments One of the primary benefits of using an early mortgage payoff calculator is that it can help to reduce the amount of the monthly payments. This can be a great help for those who are on a tight budget. The calculator will take into account all of the available information and come up with a payment amount that fits within the person's budget. It is also beneficial because it will lower the total amount of interest that needs to be paid on the loan. Shorter Loan Term Another benefit to using an early mortgage payoff calculator is that it will usually result in a shorter loan term. This is beneficial for those who are looking to pay off their loan quickly. Although the loan term may be shorter, the amount of money that is owed on the loan is usually still quite high. The calculator will help to ensure that the payments are manageable while still providing a great financial incentive. Tax Breaks A mortgage is considered a long-term loan, so it comes with tax benefits. The main benefit is that the interest payments on the loan are tax-deductible. This means that any payments made during the loan's lifetime are tax-deductible. This is an excellent way to reduce the amount of taxes owed each year. Additionally, this type of loan is usually seen as an investment, and the interest earned from it can also be used as a way to reduce tax bills. Lower Interest Rates Finally, by utilizing an early mortgage payoff calculator, it may be possible to secure a lower interest rate. Because this type of loan is seen as an investment, it typically has low-interest rates. This can be a great way to save money over the life of the loan. It also ensures that the borrower is not stuck with a high-interest rate that they cannot afford. When to Use an Early Mortgage Payoff Calculator An early mortgage payoff calculator is an excellent way to save money while still enjoying the benefits of taking out a loan. This type of calculator can be especially beneficial for those who are on a tight budget. By using one of these tools, it is possible to lower the overall amount of interest paid and the total amount of money owed back. Additionally, there are also tax benefits associated with this type of loan. In order for the calculator to be effective, however, it is important to use one as soon as a loan is taken out. This ensures that all of the necessary information is included in the calculations. This is an advantageous way to save money and take the most advantage of the loan.