There are two main ways you can pay off your mortgage faster: add a little to each of your monthly payments or make an additional payment every so often. With our mortgage payoff calculator, you can explore different payoff scenarios to determine your payoff timeline options as well as your interest savings.
The Mortgage Early Repayment Calculator is a great planning and estimating tool, but it is not a loan application or repayment agreement. To learn more about your mortgage repayment options, reach out to your financial institution.
The calculator is quick and easy to use – no personal information required! Use it to:
Plan with confidence: Use the estimates to guide long-term decisions regarding your home’s equity.
Stay financially motivated: Understand what it will take to own your home outright, free of mortgage debt.
Did you know that paying just $100 extra a month can reduce your mortgage term by years? That’s because every little extra you pay goes towards reducing your principal balance. A smaller principal then reduces the interest you owe in subsequent months. Some people choose to make lump sum payments – others choose to add a little more each month with extra monthly payments. The calculator helps you make a plan you can stick to.
Once you know how much more you want to pay and how it will affect your mortgage repayment timeline, check with your mortgage lender to set up a plan:
Not all credit cards are created equal. Some charge fees and have high interest rates that make paying off your balance more challenging. As a community credit union, FFCCU offers a variety of credit cards to meet our members’ unique needs:
When you work with the FFCCU mortgage team, we look out for your needs. As a not-for-profit financial institution, we put our members first. Reach out for:
It calculates how much sooner you can pay off the loan based on extra monthly payments or annual interest rate-adjusted annual payments. It also shows your total interest savings over the life of the loan.
They’re fairly accurate, although they are for illustrative purposes only. You’ll want to reach out to your financial institution to determine exact amounts.
The original mortgage amount (not your current balance) and your original financing terms – interest rate and loan term.
They lower your principal balance, which means your interest decreases on the remaining balance in subsequent months.
Since mortgage interest is calculated every month, it depends on when you make the payment. For example, if you have an extra $1,200 available today, it’s better to use that now to make a lump sum payment vs. paying $100 a month for the next 12 months as regular monthly payments.
That depends on your financial goals, your original mortgage terms and more. Refinancing could make more sense if you can secure a significantly lower interest rate. Reach out to one of our team members to learn what could work best for your needs.
Not at all. You don’t have to enter your name, email address or any other personal information to use the payment calculator or get your results.
Reach out to FFCCU or your lender to learn how to make additional payments and review your amortization schedule to understand how your mortgage will be paid down over time.
