Home Mortgage Payment Calculator Tutorials
Learn to Calculate Early Pay-Off

You are invited to use my mortgage payment calculator. I've included 3 tutorials to walk you through the process. But don't say I didn't warn you! Once you start comparing mortgage payments and calculating early pay-offs, you'll find it difficult to stop dreaming about being debt free.

Let's get started with my 3 tutorials before using the calculator... because learning your options is your first step to paying less interest to the bank.

What if you don't need a tutorial? Skip straight to the mortgage calculator.

Tutorial 1: Calculate Mortgage Payment and Early Pay-Off

Follow these steps!

  1. You'll begin by entering a mortgage amount of $300,000, 30 year term, and a 4% interest rate
  2. Click Calculate and then View Report to see the monthly principal and interest payment of $1,432.
  3. Also displayed are the total payments over the term of the loan and total interest paid.

Note that you have the option to add in property taxes and homeowner's insurance to the principal and interest for a total payment (PITI). You can either type in the amounts or use the sliders, if you prefer, before you calculate.

How to Calculate a Mortgage Payment: Prepayment Savings

Now click Hide Report and right below in the next section titled Prepayments, click on the pencil icon. Enter $119 a month, which is approximately 1/12 of the mortgage payment. It's also equal to one extra mortgage payment a year. Click Calculate and then View Report.

See your savings! The mortgage pays off 4 years, 1 month earlier with over $33,314 saved in mortgage interest. Wow!

How to Calculate a Mortgage Payment: Prepayment Savings

What if you don't need a tutorial? Skip straight to the mortgage calculator.

Tutorial 2: Accelerate Early Mortgage Pay-Off

Now try this! Using the same loan amount, term, and interest rate, click on the pencil icon once again. But this time enter $250 in Prepayments. Remember to click Calculate and then View Report.

You'll see the mortgage pays off almost 7 years, 4 months early with a prepayment interest savings of $59,383.

How to Calculate a Mortgage Payment: Prepayment Savings

What if you don't need a tutorial? Skip straight to the mortgage calculator.

Tutorial 3: Personalized Mortgage Amortization Schedule

In addition to calculating a monthly payment and determining the impact of early principal prepayments, you can also use this calculator to generate a yearly or monthly estimated mortgage amortization report. Just press the View Report button for a personalized payment schedule. Print it out and file for future reference.

Press the Hide Report button and continue calculating payments under varied scenarios, for example larger vs smaller loan amounts, higher vs lower interest rates, and longer vs shorter loan terms. The combinations are endless!

Start Using the Mortgage Calculator Here

Start using the mortgage calculator here. Feel free to play around with the numbers. You'll also want to tell your friends about it. Please do!

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

Kate's Mortgage Rate and Trend Report

There's no need to go hunting through multiple websites searching for today's rates. On my blog, you'll find the current Mortgage Rate and Trend Report every Thursday. All week long, the blog will also keep you up-to-date with national mortgage news and recent Ask Kate answers.

By the way, if you're already a pro at using an amortization calculator, you can skip the tutorials at Mortgage Rate Calculators - Calculate Like a Pro.

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