Payoff Goal

This calculator will show you the additional monthly payment you will need to make on your current mortgage in order to pay if off within a specified number of years. It will also show you how much interest you will save if you make the calculated additional payment each month, from now until your mortgage is paid off. Special thanks to online subscriber Lyle Crafton for presenting the idea for this calculator.

Note

Be sure to enter "0" (zero) in any entry boxes that don't apply to you. Also be sure that only numbers and decimal points are entered into the fields (dollar signs and other non-numeric characters will cause a JavaScript error).



Enter the principal balance owed:
Enter the annual interest rate:
Enter the current monthly payment 
amount:
Number of years you would like to pay 
off your mortgage in:
 

 
Additional monthly payment required:
Interest savings: