Mortgage Payoff Calculator
See what adding a little extra to your monthly mortgage payment really does to your timeline and your interest bill. Enter your current balance, the annual interest rate, your regular monthly payment and any extra amount you plan to add each month, and this calculator steps through the loan month by month to find how long until it is paid off and the total interest you will pay. It then compares that against paying with no extra, so you can see exactly how many months you cut off and how much interest you save. Even a modest extra payment can shave years off a mortgage because it attacks the principal directly. Try different extra amounts to find a plan you can stick to. Everything runs locally in your browser.
How to use Mortgage Payoff Calculator
- Enter your balance, rate and payment.
- Enter your extra monthly payment.
- Read the new payoff time.
- Read the total interest and interest saved.
Frequently asked questions
How do extra payments shorten the mortgage?
Each extra payment reduces the principal directly, so less interest accrues and the balance clears in fewer months.
How much interest can extra payments save?
The tool compares total interest with and without your extra payment and shows the interest saved.
Where does the extra payment go?
It is applied to principal on top of your regular payment, which is what speeds up the payoff.
What is Mortgage Payoff Calculator?
See what adding a little extra to your monthly mortgage payment really does to your timeline and your interest bill. Enter your current balance, the annual interest rate, your regular monthly payment and any extra amount you plan to add each month, and this calculator steps through the loan month by month to find how long until it is paid off and the total interest you will pay.
Is Mortgage Payoff Calculator free to use?
Yes. Mortgage Payoff Calculator is completely free, with no sign-up and no usage limits.
Does Mortgage Payoff Calculator work in a web browser?
Yes. Mortgage Payoff Calculator runs in any modern web browser. There is nothing to download or install.
Is my data private with Mortgage Payoff Calculator?
Yes. Mortgage Payoff Calculator runs entirely on your device in your browser, so nothing you enter is uploaded to a server.
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