Finance Calculators
Mortgage Payoff Calculator
Find out when your mortgage will be paid off and how extra payments accelerate your payoff.
Mortgage Early Payoff Calculator
See how extra payments reduce your interest and payoff time.
This calculator is for educational estimates only and is not financial advice.
Payoff Summary
- Monthly payment (P&I)
- $1,896.20
- With extra payment
- $2,096.20
- Standard Interest
- $382,633.47
- Interest with Extra
- $279,184.67
- Interest Saved
- $103,448.79
- Time Saved
- 6 yr 11 mo
This calculator is for educational estimates only and is not financial advice. Actual lender terms may vary.
Understanding your mortgage payoff
Your payoff date depends on your loan balance, interest rate, and monthly payment. Even a small extra monthly payment can dramatically reduce your total interest and shorten your loan term. Use this calculator to model different scenarios and find the right strategy for your budget.
Frequently asked questions
- How do I calculate my mortgage payoff date?
- Enter your current loan balance, interest rate, remaining term, and any extra monthly payment. The calculator will show your estimated payoff month and total interest paid, with and without extra payments.
- What happens if I make one extra mortgage payment a year?
- Making one extra payment per year on a 30-year mortgage can shave about 4–6 years off your term and save tens of thousands in interest, depending on your rate and balance.
- Is it better to pay extra on my mortgage or invest?
- It depends on your mortgage rate and expected investment returns. A common rule of thumb: if your mortgage rate is higher than the risk-free return you could earn, paying extra on the mortgage is the safer choice. This calculator helps you see the mortgage side of that comparison.