Scarlett Posted January 17, 2023 Share Posted January 17, 2023 I need help figuring out what calculator to use. We are 3 years into a 15 year loan. I started out making extra payments to get it paid off in 10 years. Then I increased the extra payments by about $50. Now I can't really figure out how much longer it will take to pay it off. I am obsessing about this...surely there is a calculator that can help me with this. This one https://www.calculator.net/mortgage-payoff-calculator.html says Use this calculator if the term length of the remaining loan is known and there is information on the original loan – good for new loans or preexisting loans that have never been supplemented with any external payments. But I have been making extra payments all along. Thanks if you can help me. Quote Link to comment Share on other sites More sharing options...
fraidycat Posted January 17, 2023 Share Posted January 17, 2023 Undebt.it might do this, I'm not sure. 1 Quote Link to comment Share on other sites More sharing options...
El... Posted January 17, 2023 Share Posted January 17, 2023 I think this one will give you the information you want. https://www.ramseysolutions.com/real-estate/mortgage-payoff-calculator 2 Quote Link to comment Share on other sites More sharing options...
vonfirmath Posted January 17, 2023 Share Posted January 17, 2023 Take the most recent statement to find out the current balance. Then plug in the information 5 Quote Link to comment Share on other sites More sharing options...
TexasProud Posted January 17, 2023 Share Posted January 17, 2023 16 minutes ago, vonfirmath said: Take the most recent statement to find out the current balance. Then plug in the information This 1 Quote Link to comment Share on other sites More sharing options...
shawthorne44 Posted January 17, 2023 Share Posted January 17, 2023 You can make one in Excel fairly easily. I found the main benefit was the motivation. Col A was the payment (it started as equal to the min. payment), Col B was the amount to Interest, Col C was the amount to Principal, Col D was the new balance. At the top, I had the sum of all payments. So, if I played around with the next payment I could see just how it lowered the total cost of the house. At first the payment was a stretch for me. But I saw that I added just the principal of the next payment, I'd be skipping an entire payment. That was like $60. I'd offer to send you mine, but I don't have a mortgage payment anymore. 1 1 Quote Link to comment Share on other sites More sharing options...
Arcadia Posted January 17, 2023 Share Posted January 17, 2023 I use Excel to make amortization spreadsheet. Then I just input the extra payment I put in. The amortization spreadsheet would show me when I would have zero/negative balance left. 2 Quote Link to comment Share on other sites More sharing options...
Scarlett Posted January 17, 2023 Author Share Posted January 17, 2023 31 minutes ago, vonfirmath said: Take the most recent statement to find out the current balance. Then plug in the information 14 minutes ago, TexasProud said: This The calculator I linked says it won't work if I have already made extra principle payments. Quote Link to comment Share on other sites More sharing options...
TexasProud Posted January 17, 2023 Share Posted January 17, 2023 Just now, Scarlett said: The calculator I linked says it won't work if I have already made extra principle payments. Why can't you use the If you don't know the remaining loan terms. That should work. that will tell you when you will pay it off. 1 Quote Link to comment Share on other sites More sharing options...
Scarlett Posted January 17, 2023 Author Share Posted January 17, 2023 34 minutes ago, El... said: I think this one will give you the information you want. https://www.ramseysolutions.com/real-estate/mortgage-payoff-calculator This SAYS it will work....but when I plug in current balance and extra principle it does not seem correct. Quote Link to comment Share on other sites More sharing options...
Scarlett Posted January 17, 2023 Author Share Posted January 17, 2023 3 minutes ago, TexasProud said: Why can't you use the If you don't know the remaining loan terms. That should work. that will tell you when you will pay it off. Ok, that seems to work. Thank you. 1 Quote Link to comment Share on other sites More sharing options...
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