Pay Off Mortgage Faster Calculator

Pay Off Mortgage Faster Calculator

Loan Amount

Please enter a valid loan amount.

Annual Interest Rate (%)

Please enter a valid interest rate.

Loan Term (years)

Please enter a valid loan term.

Extra Monthly Payment ($)

Please enter a valid extra payment.

Results

Original Payoff

Monthly Payment:

Total Interest:

Payoff Date:

With Extra Payments

New Monthly Payment:

Total Interest Saved:

New Payoff Date:

How It Works

This calculator uses the standard loan amortization formula. Extra payments reduce the principal faster, saving interest and shortening the loan term.