Mortgage Payoff Calculator
Every dollar of extra principal skips all the future interest that dollar would have accrued. Add an amount to see the payoff date move and the interest bill shrink.
8 yr 7 mo sooner
- New payoff
- 21.4 years was 30.0 years
- Interest saved
- $124,848
- Interest still paid
- $249,606
How it works
The loan is amortised twice — once on schedule, once with your extra payments applied to principal each month — and the two payoff dates and interest totals are compared.
Frequently asked questions
How much does extra principal really save?
Every extra dollar applied to principal skips all the future interest that dollar would have accrued at the loan's rate for the rest of the term — the earlier it's paid, the more interest it skips. The calculator runs the amortization schedule twice, once on schedule and once with your extra payments, to show the exact months and dollars saved.
Is a lump sum or a recurring extra payment better?
A lump sum paid now skips interest starting immediately, while a recurring extra payment compounds its effect every month it continues. Enter either or both to compare — a large lump sum early in the loan often beats a smaller monthly amount added later.
Does paying extra change my required monthly payment?
No. Extra principal shortens the loan and cuts total interest, but the required monthly payment stays the same unless you refinance or ask your servicer to re-amortize (recast) the loan.
What's the catch with paying off a mortgage early?
Money sent to principal is illiquid until you sell or refinance, and if your mortgage rate is lower than what you could earn investing, paying extra is a guaranteed but sometimes smaller return than the market. Weigh it against your other financial goals before committing extra cash to it.
Learn more: Should you pay off your mortgage early? — The math of guaranteed interest savings versus expected investment returns, plus the liquidity and tax angles the math leaves out.