The calculator helps to answer two type of questions:
1. how long to take to pay off mortgage with a given monthly payment? 2. What is the monthly payment to pay off mortgage in a given duration? If you determine to jump out from debt obligation earlier, the tool will help you to find out some clues.
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Using the mortgage payoff calculator
- Mortgage amount - the original mortgage loan amount, or mortgage balance at a specific time.
- Interest rate - interest rate by year, expressed as a percentage. If interest rate is 5% annually, enter 5 here.
- Desired monthly payment - how much you'll pay your mortgage every month.
- Desired months to payoff - how long (in months) to take to payoff mortgage.