Using Taiga Finance
Mortgage payoff
Read the mortgage payoff planner on a property page or under Scenarios, and what each move changes.
Mortgage payoff projects a loan you track forward from today — the month it clears and the interest left to pay — and shows what a move would change: an extra amount each month, a biweekly schedule, a one-time payment, a refinance or a recast. It sits on the property page, under the loan, and opens on its own as Mortgage payoff under Scenarios, where a Mortgage picker lists every loan you track plus a Blank calculator for a loan you don’t hold. The loan’s balance, rate, term and payment are locked facts read from its record; the moves live on a Scenario card, and every figure is read against Current loan — the loan as it stands, with no moves. Nothing here writes to the loan.
What is the mortgage payoff planner?
Section titled “What is the mortgage payoff planner?”The planner is the amortization schedule behind a mortgage, run forward from today’s balance. A 30-year loan a few years in has a payoff date and a lifetime of interest already implied by its terms; the planner states both, then lets you put a move beside them and see the two dates and the two interest figures side by side. It exists for the question a homeowner asks of a loan — what an extra $200 a month, a lump from a bonus, or a lower rate would do to the end date — without touching the loan record or the household’s plan.
Where does the planner open?
Section titled “Where does the planner open?”Two doors reach the same instrument.
- On Real estate, a property with a mortgage carries a Mortgage payoff section under its headline figures. The property is the subject, so there is no picker.
- Under Scenarios, the Mortgage payoff tile opens the standalone planner with a Mortgage picker at the top: each loan you track, a property-less loan included, and Blank calculator. A partner’s loan whose terms are not shared with you is not offered. A household with no loan lands on the blank calculator.
A plan can be saved from the toolbar with Save, loaded later, and set against another with Compare against.
What does the Loan card hold?
Section titled “What does the Loan card hold?”The Loan card states the facts the projection runs on. Balance, Rate, Term, Start date and Principal & interest are locked figures read from the loan record; selecting a locked Balance or Rate opens the loan, and Manage loan opens its record, so a wrong figure is fixed at its source and never typed over here. Home value stays editable — it feeds the equity view of the balance chart — and Appreciation is an assumption, a flat yearly rate the value is carried forward at, off until you set one. On the blank calculator every field is yours to type.
A loan with a standing Extra monthly payment in its terms carries it into Current loan: the reference already pays that extra, and a move is measured on top of it.
What moves can I model?
Section titled “What moves can I model?”Each move is a block on the Scenario card. A block with no amount reads No amount set and changes nothing.
| Block | Fields | What it does |
|---|---|---|
| Extra monthly | Amount; optional From and Until | Adds principal every month, from today to payoff, or over the window you set. More than one can run at once. |
| Biweekly | Starting (blank is today) | Pays half the monthly payment every two weeks, modelled as an extra twelfth of a payment each month. |
| One-time payment | Amount; On (blank is today) | A lump to principal on one date. More than one can be set. |
| Refinance | New rate; On | Re-amortizes the balance on that date at the new rate over the remaining term. |
| Recast | Amount; On | A lump to principal, then the payment re-amortized over the remaining term. |
Moves apply in engine order: a lump first, then a recast re-amortizes what is left. A lump larger than the balance on its date is only partly used, and the planner says so in its caveats.
What do the figures and charts show?
Section titled “What do the figures and charts show?”Two figures head the response, each dated and each carrying a change line against Current loan.
- Paid off — the month the balance reaches zero under the plan, and how much sooner than the current loan.
- Interest left to pay — the interest from today to payoff under the plan, and how much less. Interest already paid is not in it.
Below them, Balance over time draws the plan’s balance against the current loan’s; a Balance + equity view adds the home’s value above it when a value is on file. Monthly P&I payments stacks each month’s Principal and Interest — Principal + extra while an extra is in force. Mortgage payoff date by extra monthly payment draws a lane per extra amount on a calendar axis, so the payoff date for a range of extras reads at a glance. Month by month is the schedule itself: it opens on the next five years, one row each, and a year opens to its months in place; a row below the table names how many more years there are and opens them.
What this plan doesn’t capture lists the standing caveats: the schedule covers principal and interest only, not taxes, insurance, HOA dues or PMI; an appreciation rate is a flat assumption; a biweekly schedule is modelled as a smooth extra. A caveat raised by your inputs — a lump that exceeded the balance, a payment that never covers the interest — appears in the same list. Under every calculator Taiga Finance states that the figures are an estimate based on your data and what you entered, not a prediction or financial advice.
Troubleshooting
Section titled “Troubleshooting”The projection stops at today.
Section titled “The projection stops at today.”The monthly payment on record doesn’t cover the loan’s interest, so the balance never falls, or the balance on record is zero or below. The caveat names which. Fix the figure on the loan — Manage loan opens its record — and the projection resumes.
The equity view reads “No home value on file to measure equity against.”
Section titled “The equity view reads “No home value on file to measure equity against.””The property has no value, and the blank calculator has none until you type one. Enter a Home value on the Loan card, or set the property’s value in Property settings — see Property.
A move I switched on shows no change.
Section titled “A move I switched on shows no change.”Its date falls after the loan is already paid off, or its amount is blank. Each block’s caption says which; a blank block reads No amount set. Move the date earlier or enter an amount.
Does a plan I save change the loan?
Section titled “Does a plan I save change the loan?”No. A saved plan is a what-if kept for later. The loan record, the household’s net worth and the payoff plan on Debt read the loan as it stands. To record an extra you paid, use the property page’s Extra monthly section — see Mortgage.
Can I plan a loan I don’t have yet?
Section titled “Can I plan a loan I don’t have yet?”Yes. Pick Blank calculator in the Mortgage picker under Scenarios, type the loan’s balance, rate, term, start date and payment, and model it the same way. A blank plan can be saved too.
Does the planner include taxes, insurance or PMI?
Section titled “Does the planner include taxes, insurance or PMI?”No. The schedule is principal and interest only, as its caveats say. Escrow and PMI live on the loan’s terms and show on the property’s loan card; they never enter the projection.
Where does the mortgage show in the household’s debt payoff plan?
Section titled “Where does the mortgage show in the household’s debt payoff plan?”On Debt, once you opt it in. A mortgage starts outside the payoff plan. Its drawer’s In payoff plan switch adds it at its rate and P&I, and the Payoff readout there projects it with every other debt — see Debts.