Enter your loan details and click Calculate to see your payoff plan.
| Original | With payoff | |
|---|---|---|
| Monthly pay | $0 | $0 |
| Total payments | $0 | $0 |
| Total interest | $0 | $0 |
| Remaining payments | $0 | $0 |
| Remaining interest | $0 | $0 |
| Payoff in | - | - |
Balance & Interest Over Time
Old Balance / Old Interest = original schedule without extra payments · New Balance / New Interest = with your payoff plan.
Amortization Schedule (With Payoff Plan)
| Year | Interest | Principal | Ending Balance |
|---|
A Mortgage Payoff Calculator shows how much sooner you could own your home, and how much interest you would save, by paying extra on your mortgage. Enter the details of your current loan and pick a payoff strategy: extra monthly, yearly or one-time payments, biweekly payments, or paying off the whole balance now. It is useful for any homeowner deciding whether to put spare money toward the mortgage.
How to use the mortgage payoff calculator
- Enter the original loan amount.
- Enter the original loan term in years.
- Enter the interest rate.
- Enter the remaining term in years and months (your statement shows this).
- Choose a repayment option: pay off altogether, add extra payments (monthly, yearly or one-time), switch to biweekly payments, or keep normal repayment.
- Click Calculate.
The results show your current balance, the new payoff time, interest and time saved, a chart and a full amortization schedule.
Formula
Your regular payment is M = P × r(1 + r)^n ÷ ((1 + r)^n − 1), using the original amount, rate and term. The calculator then works out the remaining balance from the months already paid and runs the schedule forward with your extra payments, month by month, until the balance reaches zero.
Example
You took out a $300,000, 30-year mortgage at 6.5% five years ago, so 25 years remain. Your payment is $1,896.20 and the remaining balance is about $280,833. Running the calculator with an extra $200 a month:
- The loan is paid off in 20 years instead of 25, five years sooner.
- Remaining interest falls from $288,028 to $221,084, a saving of about $66,944.
Tips
- Tell your servicer that extra money should go to principal.
- Biweekly payments add the equivalent of one extra monthly payment each year.
- Before paying extra, make sure you have an emergency fund and are not carrying higher-interest debt.
- Compare the mortgage rate with what you could earn by investing the same money.
Frequently Asked Questions
A Mortgage Payoff Calculator is an online tool that estimates how long it will take to pay off your mortgage. It also calculates total interest, interest savings, and shows how extra payments affect your loan repayment.
Yes. Extra payments reduce your loan principal faster, which lowers the total interest charged and helps you pay off your mortgage earlier.
On a $300,000, 30-year mortgage at 6.5% with 25 years left, an extra $200 a month pays the loan off five years early and saves about $66,944 in interest. Results depend on your rate, balance and remaining term.
The calculator uses standard mortgage formulas to provide reliable estimates. Actual figures may vary depending on your lender’s terms, fees, and payment schedule.
Yes. Choose “Repayment with extra payments” and enter a monthly, yearly or one-time amount, or any combination. You can also test biweekly payments.
Disclaimer: This calculator gives estimates for general information only. It is not financial, tax or legal advice. Results depend on the numbers you enter and on simplified assumptions, so your actual figures may differ. Check important decisions with a qualified professional or the official source.
Related Calculators
For other ways to manage your home loan, try these calculators.