Mortgage Payoff Calculator
Free mortgage payoff calculator: see how extra monthly, yearly or one-time payments cut years and interest off your loan, and the extra to pay it off early.
| Year | Balance without extra | Balance with extra |
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What it does
Every extra dollar you pay on a mortgage goes straight to the principal, so the next month's interest is calculated on a smaller balance. This calculator compares your loan as it is with the same loan plus extra payments each month, once a year or one time, and shows the new payoff date, the time and interest saved and the balance year by year. It can also find the extra monthly payment that pays the loan off in the number of years you choose.
How to use it
- Type the current balance, the interest rate and how many years are left.
- Add an extra amount per month, once a year or one time now.
- Optionally type the number of years you want, to see the extra needed.
The arithmetic runs in your browser. Nothing you type is sent anywhere and nothing is stored, so you can use these with real numbers.
Frequently asked questions
Is there a penalty for paying off a mortgage early?
Most US mortgages today have none. Where a prepayment penalty is allowed, federal rules limit it to the first three years of the loan. Check the Loan Estimate or the note, or ask the lender.
How do I make sure the extra goes to the principal?
Mark the extra amount as "principal only" when you pay, online or on the payment slip, and check the next statement. Otherwise some servicers hold it as an early payment of the next instalment.
Pay off the mortgage or invest the money?
Paying extra earns a guaranteed return equal to your mortgage rate. Investing may earn more over the long run but with risk. Many people first build an emergency fund and pay off higher-rate debts, then split the rest.
Does a one-time extra payment lower my monthly payment?
No: the payment stays the same and the loan ends sooner. To lower the payment after a large extra payment, ask the lender about a recast, which recalculates the payment on the new balance for a small fee.
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