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Mortgage Payoff Calculator

See how extra principal payments can change payoff timing, interest cost, and target payoff plans.

Mortgage Details

Enter the balance, rate, remaining term, and scheduled principal-and-interest payment.

$
%
years
mo

Optional. Leave blank to calculate it from balance, rate, and remaining term.

$

Payoff Strategy

Model extra principal payments and an optional target payoff timeline.

$
$

Optional target used to estimate extra monthly principal.

years

Your Payoff Estimate

Compare scheduled payoff with the extra-principal strategy.

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Interest Saved
Compared with scheduled payoff
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Time Saved
Earlier mortgage payoff
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New Payoff Date
With extra principal
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Monthly P&I Used
Scheduled principal and interest

Payoff Comparison

Scheduled payoff
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Accelerated payoff
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Scheduled interest
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Accelerated interest
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Target Payoff Check

Enter a target payoff year to estimate the monthly principal needed to reach it.

Accelerated Payoff Schedule

Payment-by-payment view using the extra-principal strategy.

Last Payment
Next Payment
Current Year
Year Total Paid Principal Interest Balance
Enter mortgage payoff details to see the schedule.

How Mortgage Payoff Math Works

Use this page for early-payoff planning, not as a lender payoff quote.

Start with the current balance

The payoff estimate uses your current principal balance, not the original purchase price. That keeps the calculation focused on the debt you still need to retire.

Use principal and interest only

Enter the scheduled principal-and-interest payment. Taxes, insurance, PMI, and HOA dues do not reduce loan principal, so they are excluded from the payoff math.

Extra payments go to principal

Monthly and one-time extra payments are applied as additional principal. That reduces future interest and can move the payoff date earlier.

This calculator assumes a fixed-rate mortgage and monthly compounding. It does not model prepayment penalties, recasting, refinancing, escrow changes, payoff statement fees, or tax effects.

Mortgage Payoff FAQ

Common questions before using extra cash to reduce mortgage principal.

Should I make extra mortgage payments or invest?

Compare the guaranteed interest savings against higher-interest debt, employer retirement matches, emergency reserves, and expected investment returns. The calculator shows the mortgage side of that tradeoff, not a full financial plan.

Does the extra payment reduce my required payment?

Usually no. Extra principal payments can shorten the loan and reduce interest, but the scheduled mortgage payment normally stays the same unless the loan is recast or refinanced.

Why does my lender payoff quote differ?

A lender payoff quote can include accrued interest through a specific date, recording fees, escrow handling, and servicer rules. Use this page for planning and confirm final payoff amounts with the lender.