Every homeowner who has pending mortgage balances knows that it takes a very long time to pay off their home loan. Since we are talking about years of the mortgage payment, it can take a huge toll on your finances. But hey, you get to buy and own your dream house, so it’s very much worth it, right?
The good news is, you choose to pay off your home loan faster if you want. But why would you choose to pay it earlier than the lifetime of the loan if it meant adding more on your monthly expenses?
Good Read: Understanding the Mortgage Payment Structure
Paying off your loan in advance has its pros and cons, such as the following.
- Pay lesser interest fee
- Lessen your monthly expenses after you’re done paying the mortgage off
- Peace of mind and sense of accomplishment knowing the house is yours, and you’re done paying off the loan
- Possibility of losing the interest tax deduction
- Loss of liquidity (gain equity but lose cash on hand)
- Extra charges may apply if your loan has prepayment fees attached
Good Read: What Is a Loan Prepayment Penalty?
By weighing in the perks and drawbacks of paying your home loan early, you get to decide which choice will be better for you. If you do choose to repay your Mortgage Lender Fort Worth early, here are some of the best apps that can help you achieve this goal.
U.S. Mortgage Calculator
This app is free and is available on both iOS and Android phones. It can estimate your total monthly mortgage depending on the fees that come with the home loan like interest, PMI, property taxes, and the like. Users get to add multiple scenarios wherein you pay extra mortgage payments. This allows you to know how much faster you can pay down the loan depending on the additional payment you make.
Loan Calculator Pro
This app is available on iOS is priced at .99. It lets you calculate how much your extra payments can impact your remaining loan years. For example, you anticipate a quarterly bonus and plans on paying more every after three months. You can enter the amount you will pay every quarter, and this app will calculate the total interest you can save and how it can affect your payoff date.
Easy Mortgage Calculator
If you want the basic mortgage calculator functions, then this app is for you. This app is simple, free, and easy to use, and is available on iOS. You can add the loan term, property cost, and interest rate. It will then show up a result with the total monthly payment, the total amount paid, your total interest as well as price per square foot. You also get to add a single extra payment to check how it can affect your balance.
This app is at $19.99 available for iOS. It helps users manage their mortgage balance. Here, you get to enter your income, expenses, and debt, including your mortgage loan. You no longer need to estimate payments as it tells you precisely how much cash to pay to your debts. It has a feature that lets you adjust other parts of your budget, allowing you to check mortgage trajectory based on the budget change.