1. What is the Mortgage Payoff Calculator?

The Mortgage Payoff Calculator estimates when your mortgage will be fully paid off based on your current balance and remaining payment schedule. It helps homeowners plan their financial future.

2. How Does the Calculator Work?

The calculator uses the simple formula:

Where:

• Current Date — Today's date or any specified date
• Months Remaining — Number of months left on your mortgage

Explanation: The calculator adds the remaining months to your current date to project the final payoff date.

3. Importance of Payoff Date Calculation

Details: Knowing your payoff date helps with financial planning, retirement preparation, and evaluating refinancing options.

4. Using the Calculator

Tips: Enter the current date and the number of months remaining on your mortgage. For accurate results, use your most recent mortgage statement.

5. Frequently Asked Questions (FAQ)

Q1: Does this calculator account for extra payments?
A: No, this is a basic calculator that assumes regular scheduled payments. For extra payments, use an amortization calculator.

Q2: How do I find my months remaining?
A: Check your most recent mortgage statement or contact your lender. It's often listed in the account summary.

Q3: Will my payoff date change?
A: Yes, if you make additional payments, refinance, or change your payment terms, your payoff date will change.

Q4: Does this include escrow payments?
A: No, this calculates only the principal payoff date. Your final payment to the lender might be different if you have escrow.

Q5: What if I have an adjustable rate mortgage?
A: This calculator assumes your payment amount stays constant. ARM payments may change, affecting your actual payoff date.