Find out how much sooner you can pay off your mortgage and how much interest you save with extra payments.
Optional extra payments
| Year | Payments | Principal | Interest | Ending balance |
|---|---|---|---|---|
| 2026 | $5,664.05 | $1,610.24 | $4,053.81 | $248,389.76 |
| 2027 | $22,656.21 | $6,708.40 | $15,947.82 | $241,681.36 |
| 2028 | $22,656.21 | $7,157.67 | $15,498.55 | $234,523.69 |
| 2029 | $22,656.21 | $7,637.03 | $15,019.18 | $226,886.66 |
| 2030 | $22,656.21 | $8,148.50 | $14,507.72 | $218,738.16 |
| 2031 | $22,656.21 | $8,694.22 | $13,962.00 | $210,043.94 |
| 2032 | $22,656.21 | $9,276.49 | $13,379.73 | $200,767.45 |
| 2033 | $22,656.21 | $9,897.75 | $12,758.47 | $190,869.71 |
| 2034 | $22,656.21 | $10,560.62 | $12,095.59 | $180,309.08 |
| 2035 | $22,656.21 | $11,267.88 | $11,388.33 | $169,041.20 |
| 2036 | $22,656.21 | $12,022.52 | $10,633.70 | $157,018.68 |
| 2037 | $22,656.21 | $12,827.69 | $9,828.53 | $144,191.00 |
| 2038 | $22,656.21 | $13,686.78 | $8,969.44 | $130,504.22 |
| 2039 | $22,656.21 | $14,603.41 | $8,052.81 | $115,900.81 |
| 2040 | $22,656.21 | $15,581.43 | $7,074.79 | $100,319.38 |
| 2041 | $22,656.21 | $16,624.94 | $6,031.27 | $83,694.44 |
| 2042 | $22,656.21 | $17,738.35 | $4,917.87 | $65,956.09 |
| 2043 | $22,656.21 | $18,926.32 | $3,729.90 | $47,029.78 |
| 2044 | $22,656.21 | $20,193.85 | $2,462.37 | $26,835.93 |
| 2045 | $22,656.21 | $21,546.27 | $1,109.95 | $5,289.67 |
| 2046 | $5,345.35 | $5,289.67 | $55.69 | $0.00 |
Please do not make financial decisions based on these results.
What is the Mortgage Payoff Calculator?
A mortgage payoff calculator shows how paying extra each month, each year or once can shorten your loan and cut total interest. It compares your regular schedule with the accelerated one.
Why extra payments shorten a mortgage
Interest on a mortgage is charged on the remaining balance. When you send extra money and it is applied to principal, the balance drops immediately, so every later month accrues less interest. Because the regular payment stays the same, more of it goes to principal each month and the loan ends sooner.
The effect grows with time. An extra payment made in the first years of a 30-year loan saves much more than the same payment made near the end.
Ways to pay a mortgage off sooner
You can combine these approaches, and the calculator lets you test each one.
- Extra monthly amount. Adding a fixed amount to every payment is simple and easy to budget.
- Extra yearly payment. Useful if you receive a bonus or tax refund once a year.
- One-time lump sum. Good for an inheritance or the proceeds from a sale.
- Biweekly payments. Paying half the monthly amount every two weeks makes 26 half payments, which equals 13 full payments a year.
Before you prepay
Check your loan documents for a prepayment penalty and confirm with your servicer that extra money is applied to principal. Also compare the interest rate on your mortgage with what you could earn or save elsewhere, for example by paying down higher-rate debt first with the debt payoff calculator or by investing with the investment calculator. If a lower rate is available, the refinance calculator shows the alternative.
How to use the Mortgage Payoff Calculator
- Fill in the fields. You will need Current mortgage balance ($), Interest rate (% per year), Remaining term: years, Extra payment every month ($). Use figures from a lender quote or your tax bill where you have them, and keep the term and rate realistic. Fields marked optional can stay at zero.
- Read the result. The highlighted box gives the Regular monthly payment, and the cards below show Total interest, Total of all payments, Time to pay off. Tables and charts break it down further.
- Test other scenarios. Results update as you type. Change one value at a time to see what drives the answer, and press Reset to go back to the defaults.
Formula and how it works
Example with real numbers
Here is the Mortgage Payoff Calculator using the default values shown in the calculator above:
Inputs
| Current mortgage balance ($) | 250,000 |
|---|---|
| Interest rate (% per year) | 6.5 |
| Remaining term: years | 25 |
| Extra payment every month ($) | 200 |
Results
| Regular monthly payment | $1,688.02 |
|---|---|
| Total interest | $191,477.49 |
| Total of all payments | $441,477.49 |
| Time to pay off | 19 yrs 6 mo |
| Interest saved by extra payments | $64,927.88 |
| Time saved | 5 yrs 6 mo |
With these inputs the calculator returns Regular monthly payment: $1,688.02. Change any value in the calculator to see how the result moves.
What the results tell you
The results panel of the Mortgage Payoff Calculator reports Regular monthly payment, total interest, total of all payments, time to pay off, interest saved by extra payments and time saved. Compare these figures while changing one input at a time, and use the related calculators below to look at the same situation from another angle.
Tips for better results
Method and limits. This calculator applies the formula in the section above to your inputs, in your browser; nothing you enter is stored on our servers. The result is only as accurate as the numbers you enter and the formula shown above. It is for information, not financial, tax or legal advice.
Frequently asked questions
Does one extra payment a year help?
Yes. One extra payment each year can cut several years off a 30-year mortgage.
Is it better to pay extra or invest?
Extra payments earn a guaranteed return equal to your mortgage rate. Compare that with the after-tax return you expect from investing before you decide.
What is included in a monthly mortgage payment?
Principal and interest, plus property tax, homeowners insurance, PMI if your down payment is under 20%, and HOA fees if they apply.
How much house can I afford?
A common rule is to keep housing costs under about 28% of gross income and total debt under 36%. The House Affordability Calculator applies those limits to your numbers.
Are the results guaranteed?
No. Results depend entirely on the numbers you enter and the formulas shown on this page. Please do not make financial decisions based on them alone; confirm important figures with a licensed professional.
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