Mortgage Payoff Calculator
See how extra monthly mortgage payments shorten your payoff date and how much interest you save — free, instant and private.
About the Mortgage Payoff Calculator
This mortgage payoff calculator shows exactly what happens when you pay a little extra toward your home loan each month. Enter your remaining balance, interest rate, remaining term and the extra amount you can afford, and it instantly recalculates your payoff date, the years and months you shave off the loan, and the total interest you save.
The math is a full month-by-month amortization: each month the calculator adds the interest accrued on the outstanding balance, subtracts your regular payment plus the extra amount, and repeats until the balance hits zero. Because extra payments go straight to principal, every additional unit you pay early avoids interest on that amount for the rest of the loan — which is why even modest extra payments compound into large savings.
Everything runs in your browser, so your loan details are never uploaded or stored. Use it to compare scenarios — an extra 100, 200 or 500 per month — before committing, and check with your lender that extra payments are applied to principal without prepayment penalties.
How to Use the Mortgage Payoff Calculator
- 1Enter your remaining mortgage balance, annual interest rate and remaining term in years.
- 2Add the extra amount you plan to pay each month on top of the regular payment.
- 3Read the new payoff time, projected payoff date and total interest saved.
- 4Try different extra amounts to find the trade-off between monthly budget and years saved.
Frequently Asked Questions
How much does an extra 200 per month save on a mortgage?
It depends on your balance, rate and remaining term. For example, on a 250,000 balance at 6.5% with 25 years left, the regular payment is about 1,688 per month; adding 200 extra pays the loan off roughly 5 years sooner and saves around 60,000 in interest. Enter your own numbers above to see your exact figures.
How does the calculator work out the new payoff date?
It simulates the loan month by month: interest for the month is the balance times the monthly rate (annual rate divided by 12), then your regular payment plus the extra is subtracted from the balance. The month the balance reaches zero is your new payoff date, and the interest summed along the way is compared against the no-extra-payment schedule.
Is it better to pay extra monthly or make one lump sum?
Both reduce principal and save interest; the earlier money hits the principal, the more it saves. A lump sum today saves more than the same total spread over years, but consistent monthly extras are easier to budget. Many borrowers combine both — a lump sum from a bonus plus a fixed monthly extra.
Do extra payments change my required monthly payment?
No. With a standard fixed-rate mortgage, extra payments shorten the loan term rather than lowering the required payment. Your contractual payment stays the same, but you make fewer of them, which is where the interest savings come from.
What about prepayment penalties?
Some mortgages charge a fee for paying off early or cap how much extra you can pay per year. This calculator assumes no penalties, so check your loan agreement — if a penalty applies, subtract it from the projected interest savings to see the true benefit.