How To Figure Monthly House Payments To Pay Off Mortgage Early

by Joyce

Ask Kate how to figure monthly house payments to pay off your mortgage early: Kate, How much more should I pay a month to pay my house off in 15 years and 20 years?

Joyce continues... Here are the details. I was approved for a loan modification for $416,000 over 40 years. The first 1 to 5 years is at 2%. The 6th year is at 3%. The 7th year is at 4%. Years 8 to 40 are at 4.75%.

Thanks, Joyce

Kate Answers: How to figure monthly house payments to pay off your mortgage early.

Dear Joyce,

Guess what! You can calculate your own house payments and I am going to show you how.

Although this won't figure an exact amount, it's a simple way to give yourself a ballpark figure.

All you need is:

• My house payment calculator (more on this is in a moment)


• Your mortgage amount ($416,000)


• Your interest rates (2, 3, 4 and 4.75%)

How To Use A House Payment Calculator

Let's begin with calculating a 20 year mortgage payoff with adjusting interest rates and graduated payments! First, click here to open my free mortgage payment calculator. (Opens in a new window so you can come back here for instructions.)

Monthly House Payments At 2%

Enter $416,000 in Mortgage Amount, 20 years in Term and 2% Interest Rate. The estimated monthly house payment is $2105.

(After you finish this exercise, monthly property tax, homeowner insurance, and mortgage insurance if applicable, should be added to the estimated monthly house payments.)

Calculate and View Report. Scroll down to Payment Schedule until you see Ending Principal Balance after 5 years is about $327,031.

Monthly House Payments At 3%

Now take this number back to the House Payment Calculator to rinse and repeat. Enter $327,031, 15 years in Term and 3%. The estimated payment is $2258.

Calculate and View Report. Scroll down to Payment Schedule until you see Ending Principal Balance after 1 year is about $309,501.

Monthly House Payments At 4%

Now take this number back to the House Payment Calculator. Enter $309,501, 15 years in Term, and 4%. The estimated payment is $2289.

Calculate and View Report. Scroll down to Payment Schedule until you see Ending Principal Balance after 1 year is about $294,129.

Monthly House Payments At 4.75%

Now take this number back to the House Payment Calculator. Enter $294,129, 12 years in Term, and 4.75%. The estimated payment is $2683.

Calculate and View Report. Scroll down to Payment Schedule until you see Ending Principal Balance after 12 years is $0.

Please understand this is not exact. This is an estimate since at this point it is unknown how the bank will recalculate the graduated payments after each interest rate adjustment.

15 Year Mortgage Payments

Follow the same basic steps to calculate monthly house payments to pay off your mortgage in about 15 years.

Don't forget to add in monthly property tax, homeowner insurance, and mortgage insurance if applicable, after you finish calculating the graduated payments.

Comment and Link To This Page

Joyce, one more thing. Is this page is helpful to you? Let me know if you have any questions calculating the payments for the 15 year mortgage.

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Best wishes,

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