🏠 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.
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 PaymentsBy 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.
