🏁 Mortgage Payoff Calculator
Even a small extra payment toward principal each month can cut years off a mortgage. Enter your current loan details to compare.
How the Mortgage Payoff Calculator works
Your regular payment is worked out from the balance, rate and years left. Then the loan is run month by month with and without the extra payment to count months and interest.
Step-by-step calculation
- 1Enter balance, rate and years left.
- 2The regular payment is calculated.
- 3The loan is run month by month with and without the extra payment.
- 4Compare months saved and interest saved.
Worked example
A $250,000 balance at 6.5% with 25 years left has a payment of about $1,688. Adding $200 a month pays it off about 5.5 years sooner and saves about $65,000 of interest.
Mortgage Payoff Calculator examples
| Current balance ($) | Time saved |
|---|---|
| 125,000 | 8 yr 10 mo sooner |
| 187,500 | 6 yr 9 mo sooner |
| 250,000 | 5 yr 6 mo sooner |
| 312,500 | 4 yr 7 mo sooner |
| 375,000 | 4 yr 0 mo sooner |
Other inputs kept at the calculator's default values. Results calculated by this calculator.
Why use a Mortgage Payoff Calculator?
See how much time and money extra payments save before you commit.
Important factors that can affect your results
- Make sure extra money goes to principal only.
- Check for prepayment penalties.
- High-interest debt may be better to pay first.
Frequently asked questions
Will my lender apply extra money to principal?
Usually, but ask them to mark it as principal-only, and check there is no prepayment penalty.
Is paying early always best?
Not always. High-interest debt or a missing emergency fund may come first.
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Last reviewed November 2026 · How we build and check our tools · Report a problem