## Mortgage Payoff Calculator Definition

**Mortgage payoff Calculator** is a free and easy-to-use tool that helps you determine your monthly payment. It also tells you your monthly interest percentage and the exact amount you are actually paying. Most of the information you need will be given by the institution your interested in getting mortgage from. This Mortgage payoff Calculator is a program that's efficient and will give you accurate results. Go try it out!

Mortgage payoff Calculator Fields :

Loan Amount - The exact amount of your mortgage. Please don't put in commas, periods, or any currency sign as it will cause the calculator to get errors.

Interest Rates - This is provided by the institution your getting mortgage from. It is also called APR (Annual Percentage Rate). Please do not put the percent sign as that will cause the calculator to get errors.

Term(Years) - The agreed upon maximum number of years you are allowed to pay your mortgage off.

## Mortgage Payoff Calculator Formula

Monthly Payment(EMI) - Your monthly payment.

Monthly Average Interest - The percentage of the interest you are paying every month.

Monthly Interest - The amount of money that goes to the interest, not the capital.