How can I figure the early payoff amount of my mortgage? Is there a basic formula to get a ballpark figure?

Question

I will be paying it off in one lump sum. And no, I won't be losing any tax advantage because it never worked out that way. (My payment is only $219 per month.)

Answer 1

It is supposed to be listed on each monthly statement. It is called principle.

Answer 2

There is a formula, which is very complicated. You can get an amortization schedule- (which is the formula you are talking about) from different web sites or mortgage companies, banks, etc. Put in the amount borrowed, interest rate, length of time, and the pay off amount will be calculated or the interest and principal should at least be broken down enough to figure out how much you have paid on the loan and how much was applied to interest. It all depends on how long you have paid on the loan, what the interest rate is and what type of loan you have. An easier way would be to call your loan officer and he/she should be able to calculate it for you, they usually have amortization programs. Also, the balence owned on your mortgage should be on your monthly statement, with the current breakdown of interest and principle. The more you pay per month on the principle, the less you are paying on interest- becasue the interest is calculated on the amount you currently owe (it is amortized), IF you have a fully amortized loan, which is why it depends on the loan you have. Rather complicated, hope this helped...

Answer 3

current principal balance + interest since your last payment + any pre-payment penalties. If you want a quick guess take your principal balance and add 2 payments, it will be a little high but in the right ball park.
If you want to figure out how much faster you'll pay it off by paying a larger amount or extra payment per year or some such then you'd need one of those calculators. Here's a free page wih a bunch of mortgage calculators on it
http://www.hsh.com/calculators.html

Answer 4

The best figure will come by calling and asking how much your pay off would be today.

If you are speaking of extra payments payoff there are financial calculators all over the place on the internet. Just plug in financial calculator.

Answer 5

in case you have Excel or OpenOffice information superhighway seek "spreadsheet very own loan calculator". There are some that comprise a column for further primary money to confirm what result the have on your stability and decreasing variety of money. yet to get an good complete payoff quantity in case you got here into some funds, you may choose to touch your lender for a payoff letter in accordance with once you ought to pay it off (or refinance). in case you have escrow for property taxes or coverage, that is able to be back to you one after the other (it became when I discontinued escrow in the time of a refi).

Answer 6

To pay extra each month? Most of us have computer programs that figure it out. With more information I'll do it for you. Or did you mean to pay it off now in one lump sum?

Answer 7

You probably got an amortization schedule when you got your mortgage - that would show the balance at any given time. Or call your mortgage company if the balance isn't on any paperwork that you have - they'll be able to give it to you easily.

Answer 8

I believe the answer you're looking for can be found on this site. They've got lots of info about the subject.

Answer 9

Call the toll free number in your payment book. that's what I always do.

Answer 10

It is written on your monthly mortgage statement