Mortgage Payoff Calculator

Modify the values and click the Calculate button to use

Payoff in 17 years 3 months

Current balance: $372,217.43

Interest savings

$122,306

Time savings

7 years 9 months

Metric	Original	With payoff
Monthly pay	$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 years 0 months	17 years 3 months

Assumes the extra payment starts now. Biweekly payments, yearly or one-time extra payments, and the second payoff mode are not included.

Amortization schedule

Year	Date	Interest	Principal	Ending balance
1	Nov 2027	$21,985.03	$12,793.40	$359,424.03
2	Nov 2028	$21,195.96	$13,582.47	$345,841.57
3	Nov 2029	$20,358.22	$14,420.20	$331,421.36
4	Nov 2030	$19,468.82	$15,309.61	$316,111.76
5	Nov 2031	$18,524.55	$16,253.87	$299,857.88
6	Nov 2032	$17,522.05	$17,256.37	$282,601.51
7	Nov 2033	$16,457.72	$18,320.71	$264,280.80
8	Nov 2034	$15,327.73	$19,450.69	$244,830.11
9	Nov 2035	$14,128.06	$20,650.37	$224,179.74
10	Nov 2036	$12,854.39	$21,924.04	$202,255.70
11	Nov 2037	$11,502.16	$23,276.26	$178,979.44
12	Nov 2038	$10,066.53	$24,711.89	$154,267.55
13	Nov 2039	$8,542.36	$26,236.07	$128,031.48
14	Nov 2040	$6,924.17	$27,854.25	$100,177.23
15	Nov 2041	$5,206.18	$29,572.24	$70,604.99
16	Nov 2042	$3,382.23	$31,396.19	$39,208.80
17	Nov 2043	$1,445.79	$33,332.64	$5,876.16
18	Feb 2044	$45.04	$5,876.16	$0.00

Balance, interest, and payments over time

Balance
Interest
Payments

What this mortgage payoff calculator does

This calculator compares two paths for an existing fixed-rate mortgage: the original scheduled payment and the same payment plus an extra monthly amount. It estimates the payoff time, time saved, interest saved, and the remaining payments and interest under each path.

This version models an extra monthly payment only. It does not include biweekly payments, yearly or one-time extra payments, fees, or the second payoff mode from the reference calculator.

How to use this calculator

Enter the original loan amount.
Enter the original loan term in years.
Enter the annual interest rate.
Enter the remaining term in years and months.
Enter the extra amount you plan to pay each month.
Click Calculate to compare the original payoff with the extra-payment payoff.

How the payoff is calculated

The scheduled monthly payment is:

M = P × r × (1 + r)^n / ((1 + r)^n − 1)

P is the original loan amount, r is the monthly interest rate, and n is the original number of monthly payments.

The current balance is the remaining balance after the elapsed part of the original term. The calculator then simulates the remaining months with the scheduled payment plus the extra monthly amount. The payoff time ends when the balance reaches zero.

Savings are measured against the remaining payments and remaining interest under the original schedule.

What the results include

Current balance: the estimated balance at the start of the comparison.
Payoff time: how long the mortgage will take with the extra payment.
Time saved: the difference from the original remaining term.
Interest saved: the reduction in remaining interest.
Comparison table: original versus with-payoff monthly payment, total payments, total interest, remaining payments, remaining interest, and payoff time.
Amortization schedule: the payoff path with a balance chart.

Frequently asked questions

Does this calculator include biweekly payments?

No. This version models an extra monthly payment. Biweekly payments can produce similar or different results because payments are made more often.

Does it include yearly or one-time extra payments?

No. Only a recurring extra monthly amount is modeled in this version.

Why is there a separate current balance?

The calculator estimates the current balance from the original loan amount, original term, interest rate, and remaining term. Your lender's statement is the authoritative balance.

Does it include taxes, insurance, or fees?

No. The comparison covers principal and interest only. Taxes, insurance, HOA fees, and other costs are not included.

Source

Reference: Consumer Financial Protection Bureau — Owning a Home.

Disclaimer

This calculator is for informational and planning purposes only. It is not financial advice or a guarantee of payoff terms. Confirm your balance, payment, and prepayment rules with your lender or servicer.

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