Question 1

How do extra payments affect my mortgage payoff?

Accepted Answer

Extra payments directly reduce your principal balance, which lowers the amount of interest charged on future payments. The Mortgage Payoff Calculator shows how even small additional payments can shorten your loan term and save thousands in interest.

Question 2

How can I pay off my mortgage early?

Accepted Answer

Use the Early Mortgage Payoff Calculator to model different extra payment scenarios. Increasing your monthly payment or adding a lump sum reduces your loan balance faster, helping you reach full payoff years ahead of schedule.

Question 3

What's the difference between a mortgage payoff calculator and a mortgage payment calculator?

Accepted Answer

A Mortgage Payment Calculator estimates your monthly payment amount, while a Mortgage Payoff Calculator focuses on when you'll finish paying off the loan and how extra payments accelerate the process.