Mortgage Payoff Calculator

Calculate how extra payments can help you pay off your mortgage faster and save on interest.

Loan Details

$
$10,000$2,000,000
%
0.5%15%
1 year20 years40 years
1 year20 years40 years

Monthly Payment

$0

Total Interest

$0

Remaining Payments

$0

Remaining Interest

$0

Loan Balance Over Time

Amortization Schedule

Monthly Summary
MonthPaymentPrincipalInterestRemaining Balance

Paying off your mortgage early could save you thousands in interest and get you to financial freedom more quickly. Our Mortgage Payoff Calculator is designed to help you see exactly how additional payments will affect your mortgage loan balance, payments per month, and overall interest savings. It's a great tool for both the first-time homebuyer and the person refinancing his or her mortgage to see how to pay off the mortgage sooner.

Mortgage Payoff Calculator

What is a Mortgage Payoff Calculator?

A Mortgage Payoff Calculator is a financial tool to help you see how additional payments - either monthly, yearly, or as a lump sum - affect its overall life. Rather than using rough estimates, this calculator shows an accurate amortization schedule to your mortgage payment, showing how much of every payment is principal and how much is interest. By using this mortgage calculator, you could see how early you could pay off your loan and how much money you could save.

How Our Mortgage Payoff Calculator Works

1.
Enter Your Loan Information - Enter your loan balance, interest rate, loan length, and monthly payment.
2.
Add Additional Payments - Indicate if you plan to make an extra monthly, yearly, or one-time payment.
3.
Instant Result - The Mortgage Payoff Calculator refreshes automatically showing your new payoff date and interest saved including a detailed amortization schedule.
4.
See Graphs & Charts - Monitor the decline of your loan balance over time with graphs and charts that are easy to read.

This calculator demonstrates how small adjustments- like paying an extra $100 or $200 per month- can eliminate years from your loan balance and save you thousands of dollars in interest.

Why Use a Mortgage Payoff Calculator?

Save Money on Interest: You will see how much interest you will avoid.
Plan for Early Payoff: You will have a clear timeline on when you will be debt free.
Make Smart Financial Decisions: You will know if you should make monthly extra payments, or if you are better served making a lump sum payment.
Visualize Your Loan: Interactive charts demonstrate your mortgage declining faster.
Flexible: This calcualtor works for any size loan, with any loan term, and any interest rate.

Whether it is a 15 year mortgage, or your 30 year mortgage, our Mortgage Payoff Calculator will help provide you a customized plan to the path of debt free.

Tips to Help Pay off your Mortgage Quicker

Make payments bi-weekly instead of monthly.
Make a principal payment even if it is small.
Use your tax refunds or bonus payment for lump sums.
Refinance with a shorter loan term and a lower interest rate.
Follow your progress on a regular basis with the Mortgage Payoff Calculator.

FAQs

A Mortgage Payoff Calculator allows home owners to estimate their extra payment to reduce the loan term and total interest paid.

Yes, it does not matter if your loan amount is $50,000 or $2,000,000 the calculations will change the results based on the math.

Yes, the Mortgage Payoff Calculator produces a full amortization schedule that displays payments divided between principal and interest.

It is probably best to use it whenever you think about putting money towards the mortgage whether it be a extra payment, refinance or changing your monthly budget.

Yes, it compares different payoff timelines, helping you decide whether refinancing or additional payments save you more.

Yes! It is 100% free and available anytime to help you take control of your mortgage faster.