Mortgage payoff calculator
See how extra monthly, yearly or one-time payments move up your payoff date and cut interest.
- ๐บ๐ธ US federal & state rules
New payoff time
April 2046
5 years 6 months sooner, $64,928 less interest
- Interest saved
- $64,928
- Time saved
- 5 years 6 months
- Regular payment
- $1,688.02
- Original payoff
- October 2051
This is an example. Enter your numbers above and press the button to see your own result.
Without and with extra payments
| Payments | 300 vs 234 |
|---|---|
| Total interest | $256,405 vs $191,477 |
| Total paid | $506,405 vs $441,477 |
- Principal and interest only. Escrow for taxes and insurance does not change when you pay extra.
- Ask your servicer to apply extra money to principal. Most US mortgages have no prepayment penalty, but check your note.
Show the math
| Regular payment | $250,000 at 6.5% over 300 months = $1,688.02 |
|---|---|
| Extra each month | $200.00 |
| Extra once a year (every 12th payment) | $0.00 |
| One-time extra | $0.00 |
| Last payment | $1,569.32 |
What to do next
How it works
Your regular payment stays the same. Each month the calculator charges interest on the balance, then subtracts the payment plus any extra. A yearly extra lands on every 12th payment, and the one-time extra lands on the payment number you choose.
The result compares that schedule with the original one and shows the months and interest saved.
Things to keep in mind
Extra payments lower your balance but not your required monthly payment. Before paying ahead, many people first build an emergency fund and pay off higher-rate debt.
Frequently asked questions
How much does $200 extra a month save?
On a $250,000 balance at 6.5% with 25 years left, $200 extra a month finishes about 5 and a half years early and saves about $65,000 in interest. Run your own numbers above.
Is one extra payment a year worth it?
Yes. One extra full payment a year usually cuts a 30-year loan by about 4 to 5 years, depending on the rate.
Do I need to tell my servicer?
Yes. Ask that extra money go to principal, not to next month's payment. Check your statement to confirm it was applied that way.