Mortgage Calculator: Calculate extra payments to payoff in a specific time period
Calculate Months to Payoff Mortgage Spreadsheet
*** Digital Download: Apple Numbers and Microsoft Excel Spreadsheet ***
Calculate when you can pay off your mortgage by customizing your monthly payments, extra monthly payments or a specific time period.
To use the chart simply enter the Current remaining mortgage balance, APR Mortgage Rate, and the current monthly payment. The months remaining are calculated automatically.
Then enter the number of months you want to be mortgage free and the calculator tells you how much the monthly extra payment would be.
OR enter the extra amount you wish to pay and the calculator tells you how many months it will be until you are mortgage free and how much interest you will save.
As a BONUS, it also calculates a normal monthly payment based on the original mortgage term.
*** Enter Values into cells that have a WHITE background colour only***
This chart is good for loans up to 360 months in length and can accommodate variable extra payments to predict how soon a mortgage can be paid off.
Watch the video demo: Calculate Months to payoff Mortgage