Instructions:

• Loan Amount ($): Enter the original loan amount or the remaining balance of your mortgage in the "Loan Amount ($)" field. This represents the total amount borrowed for your mortgage.
• Interest Rate (%): Input the annual interest rate on your mortgage loan as a percentage in the "Interest Rate (%)" field. This is the rate at which your mortgage accrues interest.
• Loan Term (Years): Enter the original loan term in years, which is the number of years you initially agreed to repay the loan, in the "Loan Term (Years)" field.
• Monthly Payment ($): If you know your current monthly mortgage payment, enter it in the "Monthly Payment ($)" field. This is the amount you're currently paying each month.
• Additional Monthly Payment ($): If you plan to make extra monthly payments toward your mortgage, enter the additional amount you intend to pay each month in the "Additional Monthly Payment ($)" field.
• Calculate Payoff: Click the "Calculate Payoff" button to initiate the calculation.

View the Result:

• New Loan Payoff Date: This represents the estimated date on which you will fully pay off your mortgage, taking into account any additional monthly payments you plan to make.
• Total Interest Paid: The calculator will estimate the total interest you will pay over the life of the loan based on your inputs.
• Time Saved: This represents the estimated time you can shave off your mortgage term by making the additional monthly payments.

Notes:

• Loan Amount: This can be the total amount you borrowed for your mortgage or the remaining balance if you've been making payments.
• Interest Rate: Enter the annual interest rate on your mortgage. This rate determines how much interest accrues on your loan balance.
• Loan Term: This is the number of years it will take to repay your mortgage under the original terms of the loan.
• Monthly Payment: If you know your current monthly mortgage payment, you can enter it here. If not, leave this field blank.
• Additional Monthly Payment: If you plan to make extra payments each month, enter the amount here. This can help pay down your mortgage faster and save on interest.

Using this Mortgage Payoff Calculator can help you understand how additional payments or changes to your monthly payment can affect your mortgage's term and the total interest you pay. It's a valuable tool for individuals looking to accelerate their path to mortgage freedom.