Mortgage Payoff Calculator
See how extra payments pay off your mortgage sooner.
About the Mortgage Payoff Calculator
Adding even a modest amount to your mortgage payment every month can knock years off the loan and save a fortune in interest. Enter your current balance, interest rate, the years remaining, and the extra amount you'd pay monthly — the calculator shows your new payoff date, how many months sooner that is, and the total interest you'd save. It's the clearest way to decide whether extra principal payments are worth it for you.
How to use the Mortgage Payoff Calculator
- 1Enter your current balance, interest rate, years remaining, and extra monthly payment.
- 2Read the result instantly — it recalculates as you type.
- 3Adjust the numbers to model different scenarios.
Frequently asked questions
Is it worth paying extra on my mortgage?
If your mortgage rate is higher than what you'd earn investing (after tax), extra principal is a guaranteed return. This tool shows the exact interest saved.
How do extra payments work?
Any amount above the scheduled payment goes straight to principal, which shrinks the balance interest is charged on — compounding your savings over time.
Should I refinance instead?
Refinancing lowers the rate; extra payments shorten the term. Sometimes both make sense — compare with the Refinance and Amortization calculators.