Mortgage Payoff Calculator
Principal and interest only — escrow for taxes and insurance does not change with extra payments. Current balance is estimated from the original terms; enter your statement balance as the loan amount with 0 years paid if you prefer.
Paid off in
22 yr 2 mo
November 2048 · 4 yr 10 mo sooner
Interest saved
$90,599
Current balance (est.)
$366,985
27 yr left on schedule
P&I payment
$2,464.67
+ $200 extra = $2,664.67
| Plan | Months left | Payoff | Remaining interest |
|---|---|---|---|
| Current schedule | 324 | September 2053 | $431,569 |
| With extra payments | 266 | November 2048 | $340,970 |
How the payoff is calculated
The regular principal-and-interest payment comes from the standard amortization formula. The balance after the years already paid is found by running that schedule forward. From there the calculator simulates each month: interest = balance × rate ÷ 12, then the payment, the monthly extra and (every twelfth month) the yearly extra are subtracted, until the balance reaches zero. The same run without extras is the baseline for the interest-saved figure.
Worked example: $380,000 at 6.75 % over 30 years has a $2,465 P&I payment. After three years about $367,000 remains with 27 years to go and roughly $430,000 of interest still ahead. Adding $200 a month clears it in about 22 years 2 months and saves roughly $90,000; a $5,000 yearly extra on top brings the payoff to under 17 years.
Rules of thumb
One extra monthly payment a year (the biweekly trick) cuts roughly 4–6 years from a 30-year loan. Rounding the payment up to the next hundred is painless and worth years over the term. Extra payments help most early in the loan, when interest is the largest share of each payment; in the final third they mostly just shorten the schedule. Check for prepayment penalties on loans originated before 2014 or outside the qualified-mortgage rules; most modern mortgages have none.
Frequently asked questions
Related tools
More in Finance & Loans · All calculators