Mortgage Payoff Calculator
See how much sooner you can pay off your mortgage (and how much interest you save) by adding a fixed extra amount to each monthly payment. Runs entirely in your browser.
New payoff time
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Show the math
The extra is added to your scheduled payment and goes entirely to principal:
principal paid = (payment + extra) − interest
A lower balance means less interest accrues next month, which frees more of the following payment to attack principal, the effect compounds. That is why even a modest extra can shave years off the loan and save a large amount of interest over its life.
What this does
A mortgage payoff calculator shows how much sooner you can clear your loan, and how much interest you save, by adding a fixed extra amount to each monthly payment. Enter your balance, rate, and payment, then test different extra amounts.
How to use it
- Enter your current balance, rate, and monthly payment.
- Enter the extra amount you can add each month.
- Read the new payoff date and months saved.
- See the total interest saved over the loan.
How it works
Every extra dollar goes straight to principal, so the balance falls faster and less interest accrues each month. That compounds, pulling the payoff date forward and cutting total interest by far more than the extra you pay in.
Understanding your result
Even a small, consistent extra payment can shave years off the term. Compare the interest saved against other uses of the money, such as investing or higher-rate debt.
Example
On a $300,000 balance at 6.5% with a $1,896 payment, adding $200 a month pays the loan off about 7 years early and saves roughly $90,000 in interest.
Sources & methodology
- Consumer Financial Protection Bureau, Owning a Home, Loan options and the homebuying process
- Freddie Mac, Primary Mortgage Market Survey, Weekly average mortgage rates
Last updated .
Frequently asked questions
How does paying extra shorten the loan?
Extra money goes straight to principal, so the balance falls faster and less interest accrues each month. That compounds, pulling your payoff date forward and cutting total interest.
How much should I pay extra?
Even a small, consistent extra makes a difference. Try a few amounts, the tool shows the time saved and interest saved for whatever extra you enter.
Should I pay off the mortgage or invest?
It depends on your rate versus expected investment returns and your appetite for risk. Paying down a mortgage is a guaranteed return equal to your interest rate.
Do you keep my numbers?
No. All math happens locally in your browser.
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