🏠 Mortgages & Housing

Mortgage Payoff Calculator

Even a small extra payment each month can shave years off your mortgage and save you tens of thousands in interest. See your exact payoff timeline.

📖 Mortgage Payoff Guide🏦 Refinance Calculator

Your Mortgage Details

$
The exact amount you still owe (not the original loan amount).
%
Yrs
$
Leave blank to auto-calculate based on balance/rate/term.

Extra Payments

$
How much extra will you pay every month?
Time Saved
0 Yrs, 0 Mos

You will be mortgage-free by Date.

💰
Total Interest Saved
$0
📅
New Payoff Date
Unknown
Originally: Unknown

Balance Over Time

Original Plan With Extra Payments
💡
By paying an extra $200 a month, you're effectively earning a guaranteed, tax-free return equal to your mortgage interest rate.

How We Calculate Mortgage Payoff

This calculator runs a true month-by-month amortization schedule to perfectly simulate exactly how banks apply extra principal payments.

Standard Payment (PMT)= P × [r(1 + r)^n] / [(1 + r)^n - 1]
Monthly Interest= Remaining Balance × (Annual Rate ÷ 12)
Principal Reduction= PMT + Extra Payment - Monthly Interest

Important: Ensure your loan servicer is applying your extra payments directly to Principal, not prepaying future interest.

Impact of extra payments on a 30 year mortgage
Impact of extra payments on a 30 year mortgage - © mintlyhub.com