Our Mortgage payoff calculator is mainly known as All-In-One Loan payoff calculator. It is a google and excel spreadsheet based tool with wide range of features. This calculator can be used to calculate pre-payment / extra payment calculation and more. It can also be used as Personal Mortgage Payoff Calculator, Vehicle / Car Loan Payoff Calculator, Home Loan Payoff Calculator, Home Renovation Loan Payoff Calculator, Two-Wheeler Mortgage Payoff Calculator and more. You can also use it as Payday Loan Payoff Calculator, Gold Mortgage Payoff Calculator, Small Business Debt Payoff Calculator, Credit Card Debt Payoff Calculator, Agriculture Loan Payoff Calculator, Consumer Durable Mortgage Payoff Calculator, Product Mortgage Payoff Calculator, Education Loan Payoff Calculator and many more types of calculators.
Note: (1) Excel spreadsheet and google spread are different. Many of the excel based functions are not compatible with google spreadsheets. Keeping this in mind, we have provided 3 different compatible templates with google spreadsheet. (2) Click on “Enable Editing” when you see “Protected View” default message in your excel spreadsheet.
What is Loan Payoff Statement?
Loan payoff statement is a document provided by lender with information regarding loan payoff quote for extra payment, terms and conditions. Payoff statement typically reveal the borrowers loan balance, loan closure charges, rebate on pre-payment and other terms.
Loan Payoff statements is really an important document for borrower. It provides clear picture on total amount required to be paid for loan closure. Payoff statements include critical information for borrower such as interest rate, remaining amortization table, savings after prepayment, charges and more. Borrower can get Loan Payoff Statement from lender on a request basis for a loan.
Best Tips and Techniques for Debt Payoff
Let us take an example to understand it. Assume that you have borrowed money from 5 different lenders for different purpose. It can combination of home loan, personal loan, credit cards, construction loan and more. It will take quite some time to pay-off your debts. Broadly there are two best loan payoff tips and techniques which you should know about it. Let us discuss further on it.
Pay Highest Interest Rate First
Paying off the debts with highest rate of interest might save lot of your hard earn money. This is not an overnight task. Usually it is going to take long period to pay-off your debts. It’s very easy to lose motivation when paying off your debt for longer duration.
You can choose to pay lowest balance first to keep yourself motivated in paying off the debts earlier. You can use our loan comparison calculator and evaluate on how you can pay-off your debts effectively.
Pay Lowest Balance First
Generally target to achieve small goals can benefit you in long run. Many lenders provide additional benefits or rebate for paying debts before time. When you pay-off your loan, you feel proud on your accomplishment. Achieving small goals will keep you motivating to move ahead on the path to pay-off other debts.
Benefits of Loan Payoff
For example: Assuming that you are taking mortgage loan for 20 years of term. You will need to repay loan principle along with interest for next 20 years. When you can manage to contribute more than you can pay-off your debts earlier.
Getting out of debt can positively impact your finances, improve lifestyle and plan your retirement. Benefits to be consider when paying your debts are mentioned below.
- Paying off loan might free your money for retirement, travel, or other long-term planning.
- Other debts can be tackle only when first loan is being paid.
- Mortgage free can protect you from losing assets during financial problems.
- Financial Freedom is primary in order to achieve other life goals.
- Total cost on loan reduces when you pay-off your mortgage loan earlier.
How to Use Loan Payoff Calculator?
It is really simple and easy to use tool. You just need to enter basic details of a loan for Mortgage Payoff calculation. Tools is highly customization according to your expectation. View updated loan summary, amortization and chart after entering basic loan payoff details.
Some of the features of excel sheet and google spreadsheet are well explained in the video. You can go through other loan EMI calculator videos to view full detail list of our tool features. You can download the tool from the given link and play with it.
Tools hosted on our websites are 100% free to use, customize and modify for personal and internal usage. You can customize spreadsheets according to your requirement. These spreadsheets are not lock with protected. Any of our tool cannot be use to re-sell, sell with customized features, share as freebies or host as free. You will need a write an email for approval to conduct any such activities.
Who can Use Mortgage Payoff Calculator?
This excel spreadsheet and google sheet based tool are highly compatible to handle multiple tasks. Your Mortgage Payoff Calculator is available in various themes with colourful and attractive summary, charts, and amortization table. As name suggest, it is capable to handle different types of loans. You can use this mortgage payoff calculator as below calculators.
- Personal Loan Payoff Calculator
- Auto Mortgage Payoff Calculator
- Two-Wheeler Debt Payoff Calculator
- Home Renovation Debt Payoff Calculator
- Vehicle Loan Payoff Calculator
- Home Mortgage Payoff Calculator
- House Loan Payoff Calculator
- Consumer Durable EMI Payoff Calculator
- Small Business Mortgage Payoff Calculator
- Payday Debt Payoff Calculator
- Education EMI Payoff Calculator
- Credit Card Loan Payoff Calculator
- Gold Mortgage Payoff Calculator
- Agriculture Debt Payoff Calculator
- Construction Loan Payoff Calculator
- And Many More Different Types of Loans.
Definitely you will see the advantages of All-In-One Loan Payoff Calculator in your business after using this tool. Tool is useful for Debt Payoff Calculator and Mortgage Payoff Calculator. Explore yourself by downloading excel spreadsheet or google spreadsheet and get full control to modify and customize it according to your requirement. Hope that you will surely like it.
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