Mortgage payoff calculator
Plot your way down the mountain. Add an extra monthly amount, a yearly bonus or a one-time lump sum and see exactly when you reach $0, and how much interest you skip on the way.
$103,449
interest you never pay
- Monthly payment
- $1,896.20 + $200
- Debt-free
- 23 yrs 1 mo
- Time cut
- 6 yrs 11 mo
- Total interest
- $279,185 vs $382,633
Every extra dollar you put in saves about $1.87 in interest ($55,200 extra in total), a guaranteed, tax-free return equal to your 6.5% rate.
Amortization schedule with extra payments
| Year | Interest | Principal | Extra | Balance |
|---|---|---|---|---|
| 1 | $19,328 | $3,426 | $2,400 | $294,174 |
| 2 | $18,938 | $3,816 | $2,400 | $287,958 |
| 3 | $18,522 | $4,232 | $2,400 | $281,325 |
| 4 | $18,078 | $4,677 | $2,400 | $274,249 |
| 5 | $17,604 | $5,151 | $2,400 | $266,698 |
| 6 | $17,098 | $5,656 | $2,400 | $258,642 |
| 7 | $16,559 | $6,196 | $2,400 | $250,046 |
| 8 | $15,983 | $6,771 | $2,400 | $240,875 |
| 9 | $15,369 | $7,386 | $2,400 | $231,089 |
| 10 | $14,713 | $8,041 | $2,400 | $220,648 |
| 11 | $14,014 | $8,740 | $2,400 | $209,507 |
| 12 | $13,268 | $9,486 | $2,400 | $197,621 |
| 13 | $12,472 | $10,282 | $2,400 | $184,938 |
| 14 | $11,623 | $11,132 | $2,400 | $171,407 |
| 15 | $10,716 | $12,038 | $2,400 | $156,968 |
| 16 | $9,749 | $13,005 | $2,400 | $141,563 |
| 17 | $8,718 | $14,037 | $2,400 | $125,127 |
| 18 | $7,617 | $15,138 | $2,400 | $107,589 |
| 19 | $6,442 | $16,312 | $2,400 | $88,877 |
| 20 | $5,189 | $17,565 | $2,400 | $68,912 |
| 21 | $3,852 | $18,902 | $2,400 | $47,609 |
| 22 | $2,425 | $20,329 | $2,400 | $24,880 |
| 23 | $903 | $21,851 | $2,400 | $629 |
| 24 | $3 | $629 | $0 | $0 |
Ask the trail guide about this plan
Get a plain-English read of the numbers above: what's driving the savings, what to check with your lender, and trade-offs to weigh. Written by AI from your inputs, so double-check anything important.
Why early extra payments hit so hard
Each month the lender first takes interest on whatever you still owe; only the rest of the payment lowers the balance. Drag through a $300,000, 30-year loan at 6.5% (payment $1,896.20) and watch the split change.
86% of this payment is interest. Balance after it: $299,729.
An extra $100 paid this month erases $595 of future interest.
Interest only overtakes principal at payment 233, more than 19 years in. That's the whole case for starting early: a dollar of principal paid in year one stops interest from compounding on it for decades, while the same dollar in year 25 has little left to save.
How to use the early payoff calculator
- Balance and rate. Take the current principal balance and interest rate from your latest mortgage statement, not the original loan amount.
- Term or payment. If you know how many years remain, use "I know the term left". If you refinanced or are mid-loan, "I know my payment" with your principal-and-interest amount is usually more accurate.
- Extra payments. Try a monthly amount, a once-a-year payment (a tax refund, a bonus, or one extra full payment, the "13th payment") and a one-off lump sum. Combine them freely.
- Read the result. The orange path on the descent profile is your new route; the flag marks the month you're debt-free. The schedule below lists every payment, and you can download it as a CSV.
Your inputs stay in this browser so they're there when you come back. Nothing is sent anywhere unless you ask the AI guide a question. Privacy details.
The math behind the numbers
A fixed-rate mortgage payment is set so the loan reaches zero on the last scheduled month: payment = P × r ÷ (1 − (1 + r)−n), where P is the balance, r the monthly rate (APR ÷ 12) and n the number of payments. Each month interest is balance × r; the remainder of the payment reduces principal. Extra payments skip the interest step entirely and come straight off the balance, which is why they shorten the schedule rather than lower the payment. (If you'd rather have a lower payment, see mortgage recasting.)
More payoff calculators
New to prepaying? Read seven ways to pay off a mortgage faster, with the trade-offs of each.
Questions people ask
How do extra payments pay off a mortgage early?
Any amount above your scheduled payment goes straight to principal (as long as your servicer applies it that way). A lower principal means less interest the next month, so more of every later payment reduces the balance too. The effect snowballs, which is why a modest extra amount can remove years from a 30-year loan.
How much does $100 extra a month save on a mortgage?
On a $300,000, 30-year loan at 6.5%, an extra $100 a month saves roughly $61,000 in interest and ends the loan about 4 years early. Enter your own balance, rate and term above for your exact figure.
Should I tell my lender that extra money is for principal?
Yes. Many servicers treat unlabeled extra money as an early payment of next month's bill, which saves nothing. Use the "additional principal" field online or write "apply to principal" on the check, then confirm on your next statement that the principal balance dropped by the full amount.
Is there a penalty for paying off a mortgage early?
Most US mortgages made since 2014 either have no prepayment penalty or can only charge one in the first three years, under the Consumer Financial Protection Bureau's Ability-to-Repay rules. FHA, VA and USDA loans have none. Check the "Prepayment penalty" line on your Loan Estimate or Closing Disclosure.
Does this include property taxes and insurance?
No. Escrow for taxes and insurance does not affect how fast the loan is paid off, so enter only principal and interest. If you use "I know my payment", subtract the escrow portion shown on your statement.
Why does my lender's payoff amount differ from this?
A payoff quote includes interest accrued daily up to the payoff date, plus any fees. This calculator works in whole monthly periods, so treat it as a planning estimate and request an official payoff statement before sending the final payment.