Mortgage Payoff Calculator
Calculate by Original Loan Term
Use this calculator for new loans or if you know the exact term remaining.
Payoff in 17 yrs, 3 mos
With your chosen payoff plan, you'll be debt-free 7 yrs, 9 mos earlier, saving $122,306.21 in interest.
Interest Savings
$122,306.21 saved
Time Savings
7 yrs, 9 mos faster
Comparison
| Original | With Payoff | |
|---|---|---|
| Monthly Payment | $2,398.20 | $2,898.20 |
| Total Payments | $863,352.76 | $741,046.55 |
| Total Interest | $463,352.76 | $341,046.55 |
| Remaining Payments | $719,460.63 | $597,154.42 |
| Remaining Interest | $347,243.20 | $224,937.00 |
| Payoff In | 25 yrs | 17 yrs, 3 mos |
Amortization Details
Calculate by Current Balance
Estimate your mortgage payoff based on your current balance and payment from a recent statement.
Payoff in 14 yrs, 4 mos
The remaining term is 24 yrs, 4 mos. By making extra payments, you can pay off the loan 10 yrs earlier, saving $94,554.73 in interest.
Interest Savings
$94,554.73 saved
Time Savings
10 yrs faster
Comparison
| Original | With Payoff | |
|---|---|---|
| Remaining Term | 24 yrs, 4 mos | 14 yrs, 4 mos |
| Total Payments | $437,677.36 | $343,122.63 |
| Total Interest | $207,677.36 | $113,122.63 |
Amortization Details
How to Use the Mortgage Payoff Calculator
- Choose Your Method: Select either "Calculate by Original Loan Term" if you know your loan's history, or "Calculate by Current Balance" if you just have your latest statement.
- Enter Your Loan Details: Fill in the required fields for your chosen method, such as loan amount, interest rate, and term.
- Add Extra Payments (Optional): Select the "Repayment with extra payments" option and input any extra amount you plan to pay monthly, yearly, or as a one-time payment.
- Click "Calculate": Instantly see your new payoff summary, including how much sooner you'll be mortgage-free and your total interest savings.
Example: For a $250,000 remaining balance at 5% interest with 20 years left, adding an extra $200 monthly payment could help you pay off your loan over 3 years earlier and save you over $25,000 in interest.
Frequently Asked Questions
What does this Mortgage Payoff Calculator do?
This calculator helps you determine how making extra payments on your mortgage can accelerate your payoff date and save you a significant amount of money on interest over the life of the loan.
How accurate are these calculations?
Our calculations are highly accurate based on the numbers you provide. However, they don't account for potential changes in your loan such as ARM adjustments or escrow changes for taxes and insurance. They are an excellent tool for financial planning.
What happens if I pay extra on my mortgage each month?
When you pay extra, that additional amount goes directly toward reducing your principal balance. This not only helps you build equity faster but also reduces the total amount of interest you'll pay, allowing you to become debt-free sooner.
Does it include taxes or insurance?
No, this calculator focuses specifically on the principal and interest (P&I) components of your loan to show you the direct impact of extra payments. For a full PITI payment estimate, please use our main Mortgage Calculator.