Updated: thanks, solved! ... equation to calculate shortening mortgage using the remaining balance?

[mahina]

I realize it’s a complicated question and that I might have to call my credit union. Thanks you folks.

[Fresh_Start]

1. are you looking for the payoff amount for a single payment?

or are you looking for how much faster the loan will be retired if you pay an additional xx per month?

[mahina]

3. The second.

Thanks.

There are heaps of calculators that assume its a new loan, but so far, none I’ve found for others.

Mahalo.

[Sentath]

2. Best I've got:

https://duckduckgo.com/?q=mortgage+calculator&atb=v167-1&ia=web

[mahina]

7. So far it's no go but thanks.

I’ve entered my balance and rate info a few times and keep getting to the hey! Refinance! Part. Not doing that again.

Mahalo though

[soothsayer]

4. Lots of payoff calculators that might help

https://www.bankrate.com/calculators/mortgages/mortgage-loan-payoff-calculator.aspx

[soothsayer]

6. "Payoff calculator" is the term you need

There’s lots

[mahina]

8. Magic words!

Got it. Thanks heaps and heaps!

[soothsayer]

13. Yay!

[mahina]

11. That's the ticket

Mahalo nui~

[Caliman73]

5. I am by no means, an expert.

I would look at the amortization schedule and see how much is going to interest and principal.

Here is a mortgage calculator

https://www.mortgagecalculator.org/

[DonaldsRump]

9. I second this

You can have loads of fun with a mortgage calculator. It is amazing what paying even a little extra per month or making additional payments each year can do to the length of a mortgage. Generally speaking, excess payments are applied to the principal, and that's what makes additional or early payments shorten the term of a mortgage. These mortgage calculators are great to quantify the savings you might realize, allowing you to play with many scenarios.

Or so I've been told.

[mahina]

10. Thanks :)

[SWBTATTReg]

12. Also, make sure that your balance w/ the credit union, is available for early payoffs, etc.

Most mortgage loans are, but some are not (available for early payoffs) and may penalize you. Of course when you call the CU, you can find out all.

[soothsayer]

14. True dat

[gibraltar72]

15. I used to show my clients how fast a mortgage gets paid up

if you make a 2nd monthly payment when you make your first. Or if you then make an extra payment a year. Some were dumbfounded what a difference it made.