Mortgage payoff calculator
How much sooner extra payments pay off your mortgage, and the interest saved.
About this calculator
This mortgage payoff calculator shows how much sooner you could be mortgage-free by paying extra. Enter your balance, rate and years left, then add an extra monthly amount or a one-off payment.
You'll see the new payoff date, the time saved and the interest you avoid, with both balances on one chart.
How it works
Your regular payment stays the same. Any one-off payment comes off the balance first, and each extra monthly amount goes straight to the principal, so less interest builds up and the loan ends sooner.
Last reviewed:
Worked example
- Mortgage balance: $220,000
- Interest rate: 6.5% a year
- Years left: 25 years
- Extra each month: $200
Paid off in: 19 yr (with your extra payments)
Common questions
Is it better to pay off my mortgage early or invest?
It depends on your mortgage rate and what you could earn elsewhere. Paying it off is a guaranteed return equal to your rate. Make sure you have an emergency fund and retirement savings first.
Do extra payments lower my monthly payment?
Usually not. They shorten the loan instead. Some lenders will recalculate the payment after a large lump sum, which is called recasting.
Will I pay a penalty for paying early?
Many mortgages have no prepayment penalty, but some do, especially in the first years. Check your loan terms or ask your lender.
Sources and further reading
The story behind it
Where the idea came from: Every extra payment stops interest being charged on that money for the rest of the loan, which is why small amounts add up.
On a long mortgage, much of each early payment goes to interest. Paying even a little more each month cuts the balance faster, so every later month is charged less. Over 25 or 30 years the effect is large, and this calculator shows exactly how large.
Why you can trust this calculator
- It runs in your browser. Nothing you type into it is sent anywhere.
- The method is explained on this page, so you can check it yourself.
- Free to use, with no sign-up.
- Results are estimates, not financial advice.
- Spotted a mistake? Tell us and we'll look into it.
After 15 years as a mathematics educator, I built CalculStore to give students, teachers, professionals and anyone working with numbers simple, reliable tools.
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