Calculate mortgage payoff for real estate investments and properties
Enter current loan balance, interest rate, current payment, and target payoff date. The calculator shows extra payment needed to payoff by target.
To pay off a $200,000 balance in 10 years instead of 22, increase monthly payment from $1,286 to $1,843 (extra $557/month).
Depends on rate. If below 4-5%, consider investing instead for higher returns. If above 6%, paying off may make sense for guaranteed return.
Valid goal for peace of mind. Calculate extra payment needed to payoff by target date and ensure you can afford it consistently.
Max out 401k match first (free money), then balance between retirement contributions and mortgage payoff based on rates and goals.