Mortgage Payoff Calculator
Discover how extra monthly payments can shorten your mortgage and save thousands in interest.
Results
| Scenario | Payoff Time | Total Interest | Total Paid |
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What is a Mortgage Payoff Calculator?
A mortgage payoff calculator shows you how making additional principal payments each month affects your loan. It computes the new payoff date, total interest saved, and compares the original versus accelerated amortization.
How to Use This Calculator
- Enter your current mortgage balance.
- Input your annual interest rate.
- Enter your current monthly payment (principal and interest).
- Enter the extra amount you can pay each month.
- Click Calculate to see time and interest savings.
Frequently Asked Questions
Should I pay extra on my mortgage?
If you have high-interest debt or lack an emergency fund, prioritize those first. Otherwise, extra mortgage payments can provide a guaranteed return equal to your interest rate.
Does paying extra reduce my monthly payment?
No, extra payments reduce your principal balance and total interest, but your required monthly payment stays the same unless you recast or refinance.
How much can I save with extra payments?
Even small extra payments can save thousands. For example, one extra payment per year on a 30-year mortgage can shave years off the loan.
Can I make lump-sum payments instead?
Yes, but this calculator models consistent extra monthly payments. Lump sums have a similar effect; consult your lender about applying them to principal.