Anyone know of an online calculator that will show how much interest I would save if I payed off my mortgage right now in one lump sum?
I am probably using incorrect search terms, but all the calculators that I am finding pertain to extra principal payments, which I don’t need.
Can’t you use a straight mortgage calculator, change the loan term to the remaining time on your loan and look at “total interest paid”? https://www.mortgagecalculator.org/
Maybe. If they’re using Rule of 78 can give some different payoff numbers than a straight amortization.
No. I can’t make that one work correctly.
Here you go:
Just put “0” for “In how many years do you want to pay off your mortgage”
Okay, this seems to work. The numbers are making sense.
Thank you!
Isn’t it just as simple as reading your monthly statement? The payoff is the remaining balance. The total of all the payments you have left to pay is the amount including interest. Subtract one from the other.
Just have to find a calculator with an amortization schedule included. Plug in the existing loan conditions then scroll to the bottom for total interest paid.
Thanks, folks. I got the answers I needed.
Does your bank allow you to ask for your payoff number? If so, it might be easier to multiply your monthly payment by the number of months you have left and subtract the payoff. That’s about how much.