Does anyone know how you calculate the amount required to pay off a mortgage. Example, we financed our house 4 years ago. The amount borrowed was $75,000, every 3 years we refinance or re-write loan or whatever and I think the interest was between 6 & 7%. How much would it take to pay the loan off completely right now?
What is the current principal? Do you have an early payment penalty? There are many calculators on the web here is one. -Peace, Dave
Do a search for amortization schedules and you should be able to find an online calculator. In the alternative, if you want a better picture, you should have a phone number for whomever holds your mortgage. The majority of banks/mortgage companies have an option where you can hear your payoff without ordering a payoff statement (which they usually charge a $20-$25 fax fee for). L
Thanks. Did a search and found this page, thought someone else might be interested. Several different calculators here. http://www.loan-calculators.com/
Coldnorth...why not just take the easy way and call and ask for the payoff amount? Wouldn't that be the fastest and most accurate way to your answer? L
Dinkytown.net has a great variety of calculators. The mortgage calculator can be modified for different scenarios, complete with the amortization schedules.
I guess that I should have explained a little further what I am trying to do. I have a mortgage that I took out 4 years ago, have made 48 payments. I also have another house that I am thinking about selling and applying that to my loan. I want to know how much that would reduce my mortgage by. Anyone know how to calculate that or an online calculator that would? Thanks
You need to know the exact details of the loan. I.e 6 or 7% won't cut it. How much is you interest rate exactly, the nuber of months financed (loan period) and the exact amount financed. Then you plug those number into a present value schedule and you should be able to determine the payoff amount at any particular period.
