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Mortgage Payoff Calculator
See what paying extra does to your mortgage. Enter your remaining balance, rate and current principal-and-interest payment, then add an extra monthly amount or a one-time lump sum. You get the new payoff time, how much sooner you finish and the interest you avoid.
- That is
- 16 years
- Paid off sooner by
- 5 years 7 months
- Interest saved
- $62,600.87
- Interest still to pay
- $152,422.67
- Months without extra payments
- 259
Balance by year with the extra payments
| Period | Principal | Interest | Balance |
|---|
Saved setups
Save a set of inputs you reuse — your usual rate, your loan, your room sizes — and load it back in one tap.
Your recent calculations
Results you calculate here are kept on this device so you can come back to them.
Formula
How to use it
- Enter the principal balance from your latest statement.
- Enter the interest rate and your monthly principal-and-interest payment, leaving out escrow.
- Enter an extra monthly amount, a lump sum, or both.
Worked examples
A $250,000 balance at 6.5% with an $1,800 payment, adding $300 a month
- Months to pay off
- 192
- That is
- 16 years
- Paid off sooner by
- 5 years 7 months
- Interest saved
- $62,600.87
- Interest still to pay
- $152,422.67
- Months without extra payments
- 259
A $180,000 balance at 4% with an $1,100 payment and a $20,000 lump sum
- Months to pay off
- 200
- That is
- 16 years 8 months
- Paid off sooner by
- 3 years 1 month
- Interest saved
- $21,372.36
- Interest still to pay
- $59,252.10
- Months without extra payments
- 237
Simple ways to pay extra
Paying half your monthly payment every two weeks results in 26 half-payments, or 13 full payments a year instead of 12. Rounding the payment up, or adding one-twelfth of a payment each month, has the same effect. Make sure your servicer applies the extra to principal.
Pay off early or invest?
Each extra dollar earns a guaranteed return equal to your mortgage rate. At 6.5% that is hard to beat safely; at 3% a savings account may pay more. Clear higher-rate debt and build an emergency fund first, and check whether your loan has a prepayment penalty — most US mortgages do not. This is an estimate, not financial advice.
Questions people ask
How much faster will I pay off my mortgage with an extra $300 a month?
On a $250,000 balance at 6.5% with an $1,800 payment, the loan ends in 16 years instead of 21 years 7 months — 5 years 7 months sooner — and you save $62,600.87 in interest.
What does a $20,000 lump sum do?
On $180,000 at 4% with an $1,100 payment it cuts the payoff from 237 months to 200 months and saves $21,372.36 in interest.
Why does the calculator say my payment does not cover the interest?
The payment entered is less than one month of interest on the balance (balance × rate ÷ 12), so the loan would never be repaid. Check that you entered the principal-and-interest payment and the right rate.