Free Mortgage Payoff Calculator

Find out how extra mortgage payments can help you pay off your home sooner and save thousands in interest.

Your Mortgage Details

Remaining Mortgage Balance ($)Annual Interest Rate (%)Remaining Loan Term (Years)Extra Monthly Payment ($)One-Time Extra Payment ($)

Your Payoff Results

Regular Monthly Principal & Interest

$1,580

Original Payoff Date

November 2056

New Payoff Date

December 2048

Time Saved

7 years 11 months

Total Interest Savings

$97,618

Total Interest With Extra Payments

$221,243

How Extra Mortgage Payments Work

Every extra dollar you pay toward your mortgage principal reduces the amount of interest you may owe in future months. Even modest extra payments can shorten your repayment period significantly.

Enter your remaining loan balance, annual interest rate, and remaining loan term. Then experiment with extra monthly payments or a one-time principal payment to see the estimated savings.

Frequently Asked Questions

Does paying extra reduce my monthly payment? Usually not. Extra principal payments typically shorten the loan term rather than reduce the required monthly payment.

Does this include property taxes and insurance? No. Results include principal and interest only.

Estimates assume a fixed interest rate, monthly compounding, and extra payments applied directly to principal. Actual lender calculations may differ. Check your loan terms for prepayment restrictions.