Mortgage
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Loans
Mortgage Payoff Calculator
See how extra monthly payments cut your payoff time and interest.
Payoff time
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With extra payments.
| Interest saved | — |
|---|---|
| Time saved | — |
| Total interest | — |
| Without extra | — |
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Enter your figures above to see the step-by-step working.
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How the Mortgage Payoff Calculator Works
Paying extra each month goes straight to principal, which shrinks the balance faster and cuts the interest you pay over the life of the loan. This calculator works out how long your mortgage takes to clear at your current payment, then again with the extra amount, and shows the time and interest you save.
It uses the standard amortization formula, solving for the number of payments given the balance, rate and monthly amount. Even a small extra payment can shave years off a 30-year loan.
months = −ln(1 − i·balance/payment) ÷ ln(1+i), where i = rate/1200
Frequently Asked Questions
How does paying extra pay off a mortgage faster?
Extra payments reduce the principal directly, so less interest accrues each month and the balance falls faster — often clearing years early.
How much sooner will I pay off my mortgage?
Enter your balance, rate, payment and extra amount; the calculator shows the new payoff time and how many years and months you save.
Is it better to pay extra or invest?
It depends on your mortgage rate versus expected investment returns, and your tolerance for risk. Paying extra is a guaranteed return equal to your mortgage rate.
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