Mortgage Payoff Calculator.

Mortgage Payment Goal Calculator

This calculator will show you the additional monthly payment you will need to make on your current mortgage in order to pay it off within a specified amount of time. 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.

For your convenience current San Diego mortgage rates are published below in case you would like to take advantage of current low interest rates and/or refinance into a shorter duration loan.

Your Payoff Goal Years & Months
Years you would like to pay off your mortgage in:
Months you would like to pay off your mortgage in:

Entering Months or Years?

You can enter your goal as a set number of years, months, or a combination of the two & the times will be added. If you enter 10 years you should not enter 120 months or else the two will be combined to make a total of 20 years. Both fields are offered in case you wanted to pay your loan off in like 5 years and 7 months. Then you could either put 5 in the first field and 7 in the second, or 0 in the first field and 67 in the second.

Mortgage Terms Amount
Principal balance owed:
Annual interest rate (APR %) GET TODAY'S RATE:

Principal & Interest vs PITI

In the following section you can enter both your core loan payment as well as your total monthly payment inclusive of other escrow fees. Be sure to only enter your principal and interest payment into the first field to ensure your results are calculated correctly.

Current Monthly Payments Amount
Current monthly payment amount (principal & interest portion only):
(Optional) current monthly mortgage payment with escrow:
Interest Savings & Monthly Payments Amount
Interest savings by paying extra:
Additional monthly payment required:
Total monthly P&I payment:
Total monthly mortgage payment with escrow:

Current San Diego Mortgage Rates

We publish current San Diego mortgage rates. CA homebuyers and refinancers can use the filters at the top of the table to see the monthly payments and rates availble for their loans.

Payoff Goal Calculations

Getting Out of Debt.

Goal oriented homeowners and those who start running faster as soon as they see the light at the end of the tunnel are those best suited towards the concept of a payoff goal when it comes to beating the home mortgage game before it is even over. Many homeowners bite their tongue and resign themselves to a twenty or thirty year loan lifetime in order to afford their dream house under their current budget, but are not truly on board with the idea of making a large monthly payment regularly for the next few decades.

Brand new homeowners often do not have a choice of a mortgage or no mortgage, because the borrowed money is simply what is needed to make the down payment on the home and begin the process of gradually paying it off. But as circumstances change, careers escalate, credit scores go up with regular and reliable payments, and incomes increase, the homeowners may eventually find themselves in a position to pay off the balance of the mortgage more quickly and therefore save a bundle on interest, stress, and other costs associated with a long term loan.

How to Make a Payoff Goal for Your Mortgage

So what happens when the family or individual finds themselves chomping at the bit to get the mortgage era over and done with in a hurry? First, it is pertinent to make a payoff goal consistent with the terms of your loan and your particular financial circumstances and capabilities. Consider what you want to change about the life of your loan and your payments, how much excess cash you can afford to shell out, and how much interest you can knock off by getting the whole affair taken care of early. Savvy homeowners may even want to discuss and negotiate the early release possibility with their broker or lender in order to feel out any possible discounts, fee cuts, or special bonuses your financier is willing to give to you as a reward for paying your dues before they are actually due.

Ending Loans Early Under any Circumstance

In the case of normally amortizing loans, in which the homeowner begins by paying primarily interest and finishes up by paying primarily principal, paying the loan off early should be no trouble. Simply discuss the options with your lender, and you will likely be provided with a new contract and a handshake. In the situations of adjustable rate mortgages, interest only mortgages and other alternative loan styles in which the principal and interest payment rate changes slightly, more steps may need to be taken in order to work out an early payment.

Preemptive termination of a mortgage will necessarily mean that you will be paying additional monthly cash – principal and interest, plus taxes and insurance separately – in order to wrap up your loan life within a specified number of years. If you successfully make the appropriate extra monthly contribution to your mortgage payment for that amount of time, you will save on interest by what you don't pay during all those months that your mortgage might have kept going but did not under the new and improved scheme. This interest savings should be significant enough to be a well earned reward for any homeowner who decides to take the plunge and set an ambitious payoff goal for their monthly mortgage.


Prequalify for a San Diego Mortgage

Homebuyers and current homeowers living in San Diego can leverage the MRC lending network to find out which loans they will qualify for and get a free no-obligation quote on a San Diego home purchase or refinance.