Mortgage Payoff Calculator
See how extra monthly, one-time or annual payments change your mortgage payoff date, how many years you cut off, and how much interest you save.
Mortgage Payoff Calculator: with the default inputs, new payoff date is February 10, 2044.
Principal you owe today, from your latest statement.
Just P&I — leave out escrow for taxes and insurance.
Applied every 12th month — a bonus or tax refund.
- Time saved
- 4 years, 1 month
- Interest saved
- $46,529
- Original payoff date
- March 10, 2048
- Months to payoff (with extras)
- 210
- Months to payoff (as is)
- 259
- Remaining interest with extras
- $168,494
- Remaining interest as is
- $215,024
- New monthly payment
- $2,000.00
Assumptions
- Fixed rate; interest accrues monthly on the outstanding balance at the annual rate ÷ 12.
- The one-time lump sum is paid with the next payment; annual extras land every 12th month.
- All extras go to principal with no prepayment penalty; the required payment doesn't change.
| Year | Current plan | With extras | Further ahead by |
|---|---|---|---|
| 1 | $244,488 | $242,015 | $2,473 |
| 2 | $238,606 | $233,495 | $5,111 |
| 3 | $232,331 | $224,405 | $7,926 |
| 4 | $225,635 | $214,705 | $10,930 |
| 5 | $218,491 | $204,356 | $14,135 |
| 6 | $210,869 | $193,314 | $17,554 |
| 7 | $202,736 | $181,533 | $21,203 |
| 8 | $194,058 | $168,963 | $25,095 |
| 9 | $184,799 | $155,550 | $29,249 |
| 10 | $174,920 | $141,240 | $33,681 |
How this is worked out
The formula
Each month: interest = balance × r
principal = payment + extra − interest
balance = balance − principal
Repeat until balance = 0. Interest saved = Σ interest (as is) − Σ interest (with extras).
r = annual rate ÷ 12; the one-time lump sum lands in month 1, the annual extra every 12th month.Open How it’s calculated above to see this worked through with your own numbers.
What you enter
- Current loan balance
- Principal you owe today, from your latest statement.in dollars · 0 or more · defaults to 250000
- Interest rate
- A number.a percentage · from 0 to 30 · defaults to 6.5
- Current monthly principal & interest
- Just P&I — leave out escrow for taxes and insurance.in dollars · 0 or more · defaults to 1800
- Extra every month
- A number.in dollars · 0 or more · defaults to 200
- One-time lump sum (now)
- A number.in dollars · 0 or more · defaults to 0
- Extra once a year
- Applied every 12th month — a bonus or tax refund.in dollars · 0 or more · defaults to 0
- Next payment date(under More options)
- A calendar date.defaults to today
What you get back
- New payoff datemain answer
- Time saved
- Interest saved
- Original payoff date
- Months to payoff (with extras)
- Months to payoff (as is)
- Remaining interest with extras
- Remaining interest as is
- New monthly payment
What this assumes
- Fixed rate; interest accrues monthly on the outstanding balance at the annual rate ÷ 12.
- The one-time lump sum is paid with the next payment; annual extras land every 12th month.
- All extras go to principal with no prepayment penalty; the required payment doesn't change.
About this calculator
Every dollar you send above the required payment goes straight to principal, and principal you no longer owe stops charging interest for the rest of the loan. That compounding-in-reverse is why modest extra payments have outsized effects: $200 a month on a new $250,000, 30-year loan at 6.5% knocks about eight years off the schedule and saves close to $100,000 in interest. This calculator simulates your actual balance month by month so you can see the new payoff date, the time cut off, and the interest saved for any mix of monthly, one-time and annual extras.
How to use it
Take three numbers from your latest statement: the principal balance, the interest rate, and the principal-and-interest portion of your payment (leave out escrow for taxes and insurance). Then add what you're considering — a round-up every month, a lump sum from a bonus or inheritance, or an extra payment each year. Set the next payment date under More options so the payoff dates are exact. Use Solve for on "Extra every month" against interest saved or months to payoff to answer "how much extra to be done by the time the kids start college?"
Reading the results
- New payoff date and Time saved show the calendar effect.
- Interest saved is the total you never pay. It's real money, but it arrives over years, not up front.
- The chart's two lines diverge slowly at first and then fast — that's the shrinking balance starving future interest.
- Remaining interest as is is worth a look on its own: on a loan with 25 years left it's often more than half the balance.
Should you prepay at all?
Prepaying is a risk-free return equal to your mortgage rate. At 6.5% that beats a savings account and rivals expected stock returns without the volatility; at 3% it usually doesn't. Before you prepay, fund the employer 401(k) match, kill any higher-rate debt, and keep an emergency fund — money in the house is hard to get back out. Also confirm your servicer applies extra amounts to principal and that there's no prepayment penalty.
Common tactics
- Round up to the next $100.
- Biweekly half-payments — 26 halves make 13 full payments a year, about the same as adding 1/12 of a payment each month.
- Recast after a big lump sum: some servicers will re-amortize the lower balance over the remaining term, cutting the required payment instead of the term.
Frequently asked questions
▸How much sooner will I pay off my mortgage with an extra $100 a month?
It depends on balance and rate, but on a new 30-year loan at 6–7%, $100 a month cuts about four to five years and saves tens of thousands in interest. Enter your own numbers to see the exact date.
▸Is it better to pay a lump sum or spread it monthly?
Dollar for dollar, earlier is better because the balance shrinks sooner — so a lump sum today beats the same total spread over years. If you don't have a lump sum, monthly extras still work well.
▸Does paying extra lower my monthly payment?
Not automatically. Extra principal shortens the loan but leaves the required payment the same. To lower the payment, ask about a recast (re-amortizing the lower balance) or refinance.
▸Should I pay off my mortgage or invest?
Prepaying earns a guaranteed return equal to your rate. If your rate is above what you'd confidently earn elsewhere after tax, prepay; if it's well below, investing usually wins. Get any employer match and pay off higher-rate debt first either way.
▸Will the lender apply my extra payment to principal?
Usually only if you tell them to. Mark the extra amount as 'apply to principal' on the payment form or portal; otherwise some servicers hold it as a prepayment of next month's installment, which saves nothing.
Put this calculator on your own site
A working mortgage payoff, free for any site, with no ads and no sign-up. It resizes to fit wherever you paste it and updates itself as this page improves.
Paste this anywhere. It works on any site, carries no ads, never expires, and always shows the current version.
Mortgage Payoff Calculator by CalculateItNow
The page's own title. The clearest description of what the link leads to.
The credit line sits outside the widget on purpose, so it is a real link on your page rather than one buried in a frame. Please keep it — it is what pays for CalculateItNow staying free and ad-free. The script only resizes the widget to fit its contents; drop it and the widget still works.
Browse every calculator widget·How to add it to WordPress, Squarespace or Wix
Related calculators
The questions people ask next to a mortgage payoff.
Estimate your monthly mortgage payment with taxes, insurance, PMI and HOA, see the full amortization schedule, and find out how extra payments shorten your loan.
Compare monthly payments with true biweekly half-payments (26 a year = 13 monthly payments) and see the interest saved and years cut from your mortgage.
Build a full amortization schedule for any loan — monthly and yearly tables, principal vs interest split, and a lookup of any single payment's breakdown.
Is refinancing worth it? Monthly savings, break-even on closing costs and lifetime interest, including the catch when a new 30-year term restarts the clock.
Work out the payment on any amortizing loan — personal, auto or business — with total interest, payoff date, extra payments, and a full amortization schedule.