Mortgage Payoff Calculator
Free mortgage payoff calculator — see the impact of extra monthly or annual payments on your payoff date, total interest saved, and years knocked off your mortgage.
New Payoff Date
--
Interest Saved
$0
Years Knocked Off
0
New Monthly Total
$0
$
%
$
Quick Extra Payment Amounts
Formula Used
New Balance Each Month:
Balance[n] = Balance[n-1] x (1 + r) - (Payment + Extra)
Payoff Time:
Months until Balance reaches 0
Total Interest Saved:
Original Total Interest - New Total Interest
Where:
r = Monthly interest rate (APR / 12)
Payment = Minimum monthly payment
Extra = Additional monthly payment
Frequently Asked Questions
How much does an extra $200/month save on my mortgage?
On a $400,000 mortgage at 7% over 30 years, adding $200/month saves about $97,000 in interest and pays off 6 years early. The higher your rate, the more impact extra payments have.
Should I make extra payments or invest the money?
If your mortgage rate is 7% and you expect 7% investment returns, it is roughly a wash before taxes. Extra payments are a guaranteed 7% return. Investing offers potential for higher returns but with risk. Many people do both.
What is the fastest way to pay off a mortgage?
The fastest path is making biweekly payments (one extra payment/year), rounding up to the next $100, and applying windfalls (bonuses, tax refunds) directly to principal. Combined, these can shave 7+ years off a 30-year mortgage.