⚡ Mortgage Payoff Calculator
Paying even a little extra each month attacks the loan principal directly, which shrinks every future interest charge. This calculator takes your remaining balance, rate and term, works out the standard payment, then simulates the loan again with your extra amount added on top.
The simulation assumes a fixed rate and no prepayment penalties. Some lenders cap extra payments per year, so check your loan terms before sending more.
How to use this calculator
Enter your remaining loan balance, interest rate and years left, then add an extra monthly amount to see your new payoff date, the time saved and the interest saved.
- Type your Remaining loan balance and the Annual interest rate.
- Enter how many Years are left on the mortgage.
- Add the Extra payment per month you can afford on top of the normal payment.
- Press Calculate, then raise the extra amount to watch the payoff date move closer.
Frequently asked questions
What does the mortgage payoff calculator show?
It shows your standard monthly payment, how fast the loan ends when you add the extra payment, how many years that saves, how much interest you avoid, and the total interest you still pay.
How is the faster payoff worked out?
It first prices the normal payment with the standard amortization formula, then simulates the loan month by month with the extra amount added, counting months and interest until the balance hits zero.
Can you give a worked example?
On a $240,000 balance at 6.5% with 30 years left, the standard payment is about $1,516.96. Adding $200 a month pays the loan off in about 262 months (21.8 years) and saves roughly $96,270 in interest.
Are prepayment penalties included?
No. The maths assumes extra payments are always allowed and fully applied to principal. Some lenders limit or penalize overpayments, so check your loan terms first.