Mortgage Payoff Calculator
Estimate payoff time with extra monthly payments.
What this mortgage payoff calculator does
Estimate how extra monthly payments could change the time and interest required to pay off a mortgage.
How to use the calculator
Enter the remaining balance, rate, remaining term and extra payment. Compare the baseline schedule with the accelerated scenario.
How the calculation works
The calculator amortizes the remaining balance period by period and applies the additional payment to principal, subject to the model assumptions.
What the result means
The number shown is best used as a planning estimate. Change one assumption at a time to see which inputs have the largest effect. For financial decisions, compare the result with current statements, lender disclosures, employer information or other authoritative records.
Important assumptions and limitations
Actual mortgage contracts may have prepayment rules, escrow changes or other details. Confirm how extra payments are applied with your servicer and review the loan documents.
Frequently asked questions
The calculator compares the payoff using the current payment with the payoff using the current payment plus your extra monthly amount.
No. It works from the current balance, interest rate and current monthly payment, which is appropriate for a mortgage already in progress.
If the payment does not exceed monthly interest, the modeled balance cannot decline, so the calculator asks for a higher payment.
No. The payoff calculation concerns the loan balance and interest only.
Related calculators
More tools in Home.