Mortgage Payoff Calculator — Extra Payment Calculator

Free mortgage payoff calculator. See how fast you can pay off your mortgage with extra payments and calculate total interest saved over the loan term.

Mortgage Payoff Calculator

How to Use

Enter your remaining loan balance, annual interest rate, and loan term.

Optionally add an extra monthly payment to see how much faster you'll pay off.

Click Calculate to see your monthly payment, total interest, and how much extra payments save.

What is a Mortgage Payoff Calculator?

A mortgage payoff calculator shows you how long it will take to pay off your home loan and how much interest you'll pay over the life of the loan. By adding extra monthly payments, you can see exactly how much interest you save and how many years earlier you can become debt-free. This tool uses the standard amortization formula and is for informational purposes only — consult a financial advisor for personalized advice.

Frequently Asked Questions

How does paying extra on my mortgage help?
Extra payments go directly toward your principal balance, reducing the total interest you pay and shortening your loan term. Even small extra monthly payments can save thousands and shave years off your mortgage.
What is the difference between loan amount and remaining balance?
Loan amount is the original mortgage. If you've already been paying, enter your current remaining balance instead for accurate payoff calculations.
How is monthly payment calculated?
We use the standard amortization formula: M = P[r(1+r)^n] / [(1+r)^n – 1], where P is principal, r is monthly rate, and n is number of payments.
Can I see a full amortization schedule?
The calculator shows a summary comparison between your standard payoff and accelerated payoff with extra payments, including total interest and time saved.
Is this financial advice?
No. This tool is for informational purposes only. Consult a financial advisor or your lender before making changes to your mortgage payment strategy.

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