* Please, do not use any thousands separator and use a dot as decimal separator. Ex: 10,000.65 => 10000.65
How to use this calculator:
1) Enter the initial amount of your mortgage.
2) Select the currency you want the results to be shown.
3) Select the mortgage term in the dropdown menu.
4) Enter the number of payments already paid.
5) Enter additional payment per month. If the value is zero, the debt is extinguished at once time.
6) Enter the interest rate of the loan (APR).
Did you get an extra money? An unexpected inheritance comes in your pocket?
One of the most disputed topics in personal finance is whether it makes more sense to pay your mortgage off early or invest extra cash.
There are a lot of pros and cons to both the decisions you can take.
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Advantages to pay your mortgage off early.
- You'll pay less interest on the mortgage, as you'll cut months (or years) off of it. The example is clearer: on a $300.000 mortgage over 30 years with 5% interest rate, you'll pay over $300.000 in interest. Reducing the mortgage to 15 years you'll pay give or take $140.000 in interest, saving $160.000!
- You'll avoid risks: you could invest the extra money in the stock market, but you'll take some risks as it isnt a sure thing.
- The serenity and the mental advantage of being free of debt.
Disadvantages to pay your mortgage off early.
- You'll have less liquidity in your assets. You need to understand that in a emergency you'll have all your funds stuck on your home and no liquidity for crises or worrying time.
- You could invest in the stock market and gain more than the current interest you are paying on your mortgage.
- You can deduct the interest you pay on your mortgage on your taxes.
- As the inflation raises up by 3-4% annually, by not paying off the mortgage and paying it over time, youre essentially paying less for the same amount of house every year.
Glossary of Terms Used on This Page:
Mortgage: a written document evidencing the legal right to keep or sell somebody else's property as security for a debt. The term 'mortgage' is used to refer both to the lien and the loan.
Initial Mortgage Amount: the original amount financed with your mortgage, not to be confused with the remaining balance or principal balance.
Amortization period: total length of your original mortgage in years. Most common lengths are 20 years and 25 years.
Term of the Mortgage: period of time in which you want to payoff the debt.
Mortgage Interest Rate: this is the annual interest (APR) rate on the Mortgage.