Mortgage Payoff Calculator
Calculate the time and total interest saved by making extra payments on your mortgage.
Published by:
isCalculator Editorial Team
Was this calculator helpful?
How to use this tool?
How to Use the Mortgage Payoff Calculator
- Enter Loan Amount – Input the total mortgage amount (e.g., 300000 for $300,000).
- Enter Annual Interest Rate – Provide the yearly rate as a percentage (e.g., 4.5 for 4.5%).
- Enter Loan Term – Specify the loan duration in years (e.g., 30 for 30 years).
- Add Extra Payment (Optional) – Enter any additional monthly amount you plan to pay (e.g., 200 for $200). Default is $0.
- Click "Calculate Payoff" – The form validates inputs and displays results below.
What You Get:
- Standard Monthly Payment – The fixed monthly amount without extra payments.
- Payoff Time with Extra – How long it takes to pay off the loan with your extra payment (in years and months).
- Total Interest Paid (Standard vs. With Extra) – Compare interest costs.
- Interest Saved – The total interest you save by making extra payments.
Note: All monetary values are in dollars. The calculator uses the standard fixed-rate mortgage formula and assumes monthly compounding. Extra payments reduce the principal directly, accelerating payoff and lowering total interest.
Previous Results
| Result | Inputs | Date |
|---|
Frequently Asked Questions
It calculates how much time and interest you can save by making extra payments toward your mortgage principal.
Extra payments reduce the principal faster, so less interest accrues over the life of the loan, and you pay off the mortgage sooner.
This calculator is designed for fixed-rate mortgages, but it can approximate other amortizing loans with similar structures.
