Mortgage Payoff Calculator

Discover how much time and interest you can save by adding extra payments to your mortgage.

Current Mortgage Details

$
%
$
Do not include taxes or insurance.

Extra Payments (Optional)

$
$
Applied once a year.
$
Applied to the first payment.

Payoff Comparison

Without Extra

Total Interest Paid $198,400
Time to Payoff 25 Years

With Extra

Total Interest Paid $145,200
Time to Payoff 19 Years, 4 Months
You Will Save
$53,200
and pay off your loan 5 Years, 8 Months earlier!

Payoff Schedule

Year Standard Balance New Balance (With Extra) Interest Saved Yearly

The Power of Early Payoff

Because mortgage interest is calculated based on your remaining principal balance, any extra payments you make go entirely toward reducing the principal (assuming you have no outstanding fees). By lowering your principal faster, your future interest charges are calculated on a smaller number.

Even a small extra payment each month can compound over 30 years to save you tens of thousands of dollars and shave years off your loan.

Read Our Full Guide on Early Payoff Strategies