Mortgage Payoff Calculator

Summary

Enter your mortgage details and see how extra monthly or lump-sum payments cut years off your loan and save thousands in interest.

How it works

1. Enter your current loan balance (remaining principal).
2. Enter the annual interest rate on your mortgage.
3. Enter your remaining loan term in years.
4. Optionally add an extra monthly payment amount.
5. Optionally add a one-time lump-sum payment applied today.
6. Review the results panel to see months saved, interest saved, and new payoff date.

Use cases

• Finding out how much interest you save by rounding up monthly payments.
• Deciding whether to apply a bonus or tax refund as a lump-sum mortgage payment.
• Comparing the impact of different extra payment amounts before committing.
• Planning an early mortgage payoff to eliminate debt before retirement.
• Estimating the break-even point for refinancing versus extra payments.
• Showing a spouse or co-borrower the concrete savings from small extra payments.

Frequently Asked Questions