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Find The Fastest Way To Pay Off Your Mortgage With This Calculator

Posted September 13th, 2011 in Debt, Real Estate by Jeremy Waller

A lot of people would love to know how to pay off their mortgage faster. The problem is, they don’t know where to start. I tried to show the effect of making extra payments in my post how how to pay off your mortgage in 5 to 7 years.

I know the problem with that is that it can be intimidating to hear that you need to come up with $1,000 extra per month. This would be extremely difficult for most people.

Then there’s the question of what kind of an impact it would have if you make one big extra payment – maybe applying a bonus you were given.

Rather than try to talk about hypothetical situations I thought it would be helpful to put together a calculator that helps you see how fast you can pay off your mortgage.

Click Here To Download the Calculator

This calculator also helps you find the fastest method to pay off your mortgage by playing around with the numbers.

You can see if making a lump sum payment would be more beneficial or if making small monthly payments would be better.

All you have to do is enter the balance of your mortgage, the number of years remaining, the interest rate and your monthly payment.

After that you can play with the different options to see how fast you can pay off your mortgage.

The calculator should be pretty straight forward. I kept it very simple on purpose. Right now I’ve only included 2 ways to pay off your mortgage faster.

I plan on adding calculations showing the effect of things like refinancing or making b-weekly payments.

Give it a try and let me know what you think. Feel free to use one of the buttons below to send out a tweet or share it on facebook!

 

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