See your current mortgage balance, exact payoff date, total interest paid, and how much equity you'd net at a cash sale.
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Payoff = remaining principal + accrued daily interest from your last payment through the planned payoff date. For exact payoff, request a written payoff demand from your lender (valid 10-15 days). The calculator estimates within a few hundred dollars.
Home equity = market value minus mortgage payoff (and any other liens). If your home is worth $300K and you owe $180K, you have $120K of equity. Equity is what comes to you at closing.
Any positive equity makes cash viable. Cash offer (~70% of ARV − repairs) needs to exceed mortgage payoff. If you have $50K equity and the cash offer is $30K above payoff, you still walk with cash. Zero or negative equity means short sale or loan modification is probably better.
Yes. Extra principal directly reduces balance and all future interest. $200/month extra on a $300K, 30y, 6.5% loan saves ~$103K in interest and pays off 6 years early.
At closing, the title company orders a payoff demand from your lender. The mortgage is paid out of the sale proceeds before you receive your equity. The lender releases the lien from title.
We close in 7 days and pay your mortgage in full at closing. Your equity wires to you the same day.
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