When the file opens, notice all the light orange cells - this is where you need to input information:Īnd the month and year you'd like to start making extra payments Simply click on the file, open it, and get started with your entries! If an extra $500 could pay off a 30-year mortgage in just 13 years, how quickly do you think you could pay off your mortgage? Well let's find out!Ĭlick this link to download the Mortgage Payoff Calculator and you should see the Excel file pop up in the lower left-hand side of your screen. Your 30 year mortgage would be paid off in just 13 years! BOOM! So.paying less than double the mortgage payment will cut out more than double the time.Isn't that CRAZY?įREE Investment Calculator: Excel Template Downloadįree College Investment Calculator: It Costs More Than You Thinkįree Budget Calculator (Excel For Single or Family Household Spending)įREE Debt Snowball vs Avalanche Calculator (Which Payoff Method is Best?)įree Credit Card Payoff Calculator: Excel and Google Sheets Template If you put an extra $500 on top of a $716 mortgage payment, you'd pay off the entire mortgage almost 17 years early! What if, from the beginning, you pay an extra $500 a month? How quickly do you think you'd pay off your mortgage? What if I told you that you could easily pay off your 30-year mortgage in just 13 years? You absolutely can! Check it out! Stop listening to those "wise investors" that claim you should keep your mortgage forever. How old will you be in 30 years? 50? 60? 70? Do you really want to wait that long to pay off your mortgage? I definitely didn't, and I'm sure you really don't either!
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