Mortgage Payoff Calculator
See how adding extra to your monthly mortgage payment shortens your loan and slashes total interest. Enter your remaining balance, rate, years left, and an extra monthly amount to see your new payoff date and savings.
Formula reviewed for accuracy. Our methodology & sources
Mortgage Payoff Calculator
mortgage calculator
How It Works
Formula
New payment = Base P&I + Extra. The calculator amortizes the balance with the higher payment until it reaches zero.
Examples
$280K balance, 6.5%, 27 yrs left, +$200/mo
Pays off several years early and saves tens of thousands in interest.
Frequently Asked Questions
Is it worth paying extra on my mortgage?
If you have no higher-interest debt and a solid emergency fund, yes — extra principal payments deliver a guaranteed return equal to your mortgage rate and can save tens of thousands in interest.
Should I pay extra or invest instead?
If your expected investment return exceeds your mortgage rate, investing may build more wealth. But paying down the mortgage is a guaranteed, risk-free return and reduces financial stress. Many people do a mix.
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