Enter your loan balance, interest rate, loan term, and any extra monthly payments to see how fast you can pay off your mortgage. The Mortgage Payoff Calculator shows your new payoff date, months saved, and total interest saved — so you can see exactly what paying a little extra each month is worth.
Months Saved
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Total Interest Saved
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New Payoff Term
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Original Total Interest
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New Total Interest
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Required Monthly Payment
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Any extra amount you pay above your required monthly payment goes directly toward reducing your principal balance. A lower principal means less interest accrues each month, which shortens your loan term and reduces the total interest you pay over the life of the loan.
An extra monthly payment is added to every regular payment, giving you consistent principal reduction. An extra yearly payment — like a bonus or tax refund — is applied once a year. A one-time payment is a single lump sum applied immediately. All three reduce your balance and save interest, but the timing affects how much you save.
Start by entering your current loan balance, interest rate, and remaining term. Then experiment with the extra payment fields to see how even a modest extra monthly payment can cut years off your mortgage and save tens of thousands in interest.
Refinancing can lower your interest rate and monthly payment but involves closing costs and restarting your loan term. Paying extra on your existing mortgage avoids those costs and directly reduces principal. Use this calculator to compare the payoff timeline of your current loan with extra payments before deciding on a refinance.
No. This calculator focuses on principal and interest only. Your actual monthly payment may be higher because it often includes property taxes, homeowner's insurance, and private mortgage insurance (PMI). The extra payments you enter here are applied purely to the principal balance.
Your monthly payment is calculated using the standard amortization formula based on your remaining loan balance, annual interest rate, and remaining term in months. This ensures the loan is fully paid off by the end of the original term with no extra payments.
Not always. You should contact your lender or clearly mark extra payments as 'apply to principal.' Some lenders may apply additional funds to future payments rather than the principal, which would not save you as much interest.
A one-time lump sum payment is applied to your current balance before any monthly payments are calculated. This immediately reduces the balance on which interest is charged, so the compounding benefit starts right away — often saving significantly more interest than the same amount spread over many months.