Independent calculation workspace
Mortgage Payoff Calculator
Calculate how to pay off your mortgage faster with extra payments
- No signup
- No lender matching
- Runs in your browser
- Replace defaults with your quote
Loan Details
Your remaining mortgage balance
Your annual interest rate
Years left on your mortgage
Extra Payments
Add extra payments to see how much faster you can pay off your mortgage.
Additional amount each month
One extra payment per year
Lump sum payment
Loan Summary
Payoff Details
Use the tool
How to use this Mortgage Payoff Calculator
Enter your current mortgage balance, interest rate, and remaining loan term. Then add any extra payments you plan to make - monthly, annually, or as a one-time payment. The calculator instantly shows your new payoff date, total interest savings, and how much time you'll save.
How the mortgage payoff estimate works
Mortgage payoff calculators help you understand how additional payments reduce both the total interest you pay and the time to pay off your loan. Due to amortization, early extra payments have the biggest impact because they reduce the principal that accrues interest over the remaining loan term.
Before you compare offers
Consider setting up automatic extra payments to ensure consistency. Even small amounts add up - an extra $100/month can save thousands in interest. Check if your lender allows you to specify that extra payments go toward principal, not future payments.
Frequently Asked Questions
The amount you save depends on your loan balance, interest rate, and how much extra you pay. For example, adding $200/month to a $300,000 mortgage at 6.5% could save you over $60,000 in interest and pay off your loan 5 years early.