VA Loan Amortization Calculator to Payoff Your Mortgage Early

How many years can you knock off your loan with an extra payment?

Animated interest rate graphicA mortgage amortization calculator allows you to calculate the total amount of interest you will pay over the life of your loan, as well as how much of your monthly payment is applied to the principal balance. This information is valuable for anyone looking to payoff their mortgage early. Using the calculator below, you can enter your mortgage amount, interest rate, and term in years to see how much you can save by making extra payments each month.

payment stays the same and is split between interest charges (what your lender receives in exchange for the loan), lowering your loan balance (also known as paying down the loan principle), and other expenditures such as property taxes and maintenance.

With your last loan payment, you will be able to pay off the outstanding balance on your debt completely. For example, if you have a 30-year mortgage, you will have paid it off in precisely 30 years (or 360 monthly payments). It is possible to anticipate your outstanding amount or interest expense at any point in the future using amortization tables, which may assist you in better understanding how a loan works.

How Does Mortgage Loan Amortization Calculator Work?

Attractive houseWe can predict not just the payback date of your loan, but also the payoff date after making an overpayment on your mortgage using our amortization calculator.

If you are presently residing in your house and want to know when your mortgage will be paid off, you may eliminate the sales price and down payment from the calculation.

Enter the following information into the calculator:

  1. Home price
  2. Down Payment
  3. Interest rate
  4. Loan term (i.e. 10, 15, 20, 25 and 30 years)
  5. Start date of the loan
  6. You can add monthly extra payments or yearly

You can close the amortization calculator with the "X" in the top right corner.

Spinning question markFrequently Asked Questions (FAQs)

Q. Are there any costs related with mortgage repayment?
A. A prepayment penalty is a fee assessed by some lenders if you pay off your mortgage in whole or in part early. If you are subject to a prepayment penalty, you consented to it when you purchased your home. Penalties for early repayment may not apply to all mortgages.

Prepayment penalties often apply only if you pay off your mortgage in full within a certain number of years—for example, if you sell your home or refinance your mortgage (usually three or five years). In some instances, if you pay off a considerable chunk of your mortgage at once, you may be liable to a prepayment penalty. Prepayment penalties are often eliminated if you make extra principle payments on your mortgage in small increments–but it's always a good idea to check with your lender.
SOURCE: Consumer Financial Protection Bureau

Q. How much will extra payments affect my mortgage?
A. Simply use the amortization calculator to estimate the over payment.

Q. Is it possible to make a large mortgage payment?

A. The lender/servicer will always take an extra payment, since it mitigates the risk of default. Calculating the amortization period for a VA loan is simple using the VA amortization calculator.

Q. Do I get my escrow monies back when I refinance?

A. Yes.

Q. Is it true that repaying the principal reduces the amount of interest charged?

A. Making additional mortgage payments does not result in a decrease in your monthly payment. The increased principle payment will result in lower interest payments during the loan's term.

Q. Are you able to make additional payments on your mortgage principle?

A. The majority of mortgage providers enable you to make additional principal payments if you so want. For instance, you may pay an extra $50 or $100 each month or make one more mortgage payment every year. The benefit of this strategy is that it reduces the overall amount of interest paid during the loan's life.

Q. What are my options for reducing the amount of my escrow payment?

A. While you will be unable to reduce the principal and interest component of your mortgage payment, if your property taxes are escrowed, you may seek to appeal the real estate taxes. Look for a less expensive homeowner's insurance policy. Is your mortgage insured? Speak with your lender about removing or reducing your PMI.


Paying off your mortgage early is a great way to save money each month. If you follow the steps in this article, you will be able to calculate how much you will save by paying off your mortgage early.