Mortgage Payoff Calculator

How It Works

First the calculator works out your normal principal-and-interest payment from your balance, rate, and years left. It then adds your extra amount on top and simulates the loan month by month: each month interest is charged on the remaining balance and the larger payment chips away at the principal. Because every extra dollar goes straight to principal, it stops accruing interest for the entire rest of the loan — which is why a modest extra payment can cut years off the term and save tens of thousands in interest.

New payment = Base P&I + Extra. The calculator amortizes the balance with the higher payment until it reaches zero.

Examples

Frequently Asked Questions