Mortgage Early Payoff Calculator
Early mortgage payoff can help homeowners gain peace of mind because it reduces the repayment period for their loans. You can see whether this strategy is a good option for your financial situation by using our mortgage calculator.
At First Commonwealth Bank, we want every customer to feel comfortable with their loan terms. When you work with our mortgage team, we’ll talk through the options for an early payoff to make sure that you’re best positioned on your financial journey.
Pay Off Your Mortgage Early
You may find yourself in a position of being fortunate to pay off your mortgage early. Depending on the structure of your mortgage, you can do this without penalty. By paying off your mortgage early, you can:
- Save thousands on the life of your loan: Even adding a small amount to your monthly mortgage payment will allow you to spend less on interest.
- Gain significant equity in your home: As you pay off the loan, your equity will rise.
- Free up your monthly mortgage payment: After repaying the loan early, you will have extra money each month to move into a savings account.
To determine whether early loan repayment works for you, you can use our early payoff calculator.
How to Use Our Mortgage Early Payoff Calculator
This calculator is an effective tool to help you decide whether early repayment is a good choice for your financial situation. To use this tool, you'll need to know:
- Original loan amount: The amount of money you loaned to purchase your house.
- Original interest rate: The percentage your lender charged you.
- Original loan term: The number of years you set to pay off the loan. Usually 30 or 15 years.
- Months paid: How many months of the loan you have already paid off.
- Requested years to the payoff: How soon you would like to pay off the loan.
After you input these details from your current loan terms, the calculator will present your current monthly payment, the payment you would need for early payoff and the difference between these two payment amounts. Using this data, you can decide whether you should increase your loan payment.
When using our calculators, remember that dollar amounts do not guarantee your payment amount. The amount you pay may differ. The estimates only provide an educational resource to aid in your decision-making.
Benefits of Loan Help From First Commonwealth Bank
If you're considering options for loan repayment, we can help. Here are a few benefits of turning to us for loan repayment advice:
- Helpful team members: You can confidently make financial decisions with assistance from our professional team.
- Local roots: We're relentless about helping our customers in Central PA, Western PA and Ohio.
- Commitment to improving your finances: As a community bank, our goal is to help customers become financially confident.
Learn More About Early Repayment
Early loan repayment may allow you to save money and free up your monthly mortgage payment. If you're unsure whether this option is best, our early repayment calculator might help you decide. You can also talk with our team members for personalized advice on loan repayment.