Mortgage payoff calculator
Calculate how much you can save by making extra payments on your mortgage. See how additional payments can reduce your loan term and total interest paid.
| How to use a mortgage payoff calculator
Our mortgage payoff calculator helps you see how extra payments can save you money and time.
Enter your loan details
Start by entering your current home value, remaining loan balance, interest rate, and term. This sets your baseline payment schedule.
Add extra payment amount
Enter the additional amount you plan to pay each month toward principal. Even small extra payments can make a big difference.
See time savings
The calculator shows how many years and months you'll save by making extra payments. Paying off your mortgage sooner means fewer monthly payments.
Calculate interest savings
See how much you'll save in total interest over the life of the loan. These savings can be substantial—often tens of thousands of dollars.
Mortgage payoff calculator tips
Maximize your mortgage payoff strategy with these helpful insights.
Start small
Even $50–100 extra per month can save you thousands in interest and years off your loan term. Start with what you can and increase payments when possible.
Apply windfalls
Use tax refunds, bonuses, or other unexpected income toward your mortgage principal. These one-time payments can dramatically reduce your balance and interest costs.
Consider other debts
Before making extra payments, make sure you've paid off higher-interest debts like credit cards. Also ensure you have an emergency fund and are contributing to retirement savings.
Mortgage payoff calculator FAQs
Don't see your question here? We love helping people understand how payoff calculations work and what yours could be. Just talk to us.
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