Calculate how extra payments can reduce your mortgage term and interest costs. Choose between two modes based on whether you know the remaining loan term.
A mortgage payoff calculator helps you estimate how fast you can pay off your home loan — and how much interest you can save — by making extra payments. Whether you add a little each month, make a yearly lump sum, or switch to bi-weekly payments, this tool shows the impact on your payoff time and total cost.
Use this calculator to compare your current payoff plan vs. an accelerated plan, view an amortization snapshot, and understand your monthly interest vs. principal breakdown.
This tool uses standard amortization math to estimate your payoff schedule. Each month, your payment first covers interest, then reduces principal. Any extra payment is applied to principal (which reduces future interest and can shorten your loan term).
Enter your original loan amount, original term, interest rate, and how many years/months are left. The calculator estimates your remaining balance based on the original amortization schedule, then simulates payoff with extra payments.
If you only know your unpaid principal balance and your monthly payment, the calculator estimates the remaining term from the payment formula and interest rate — then simulates how extra payments change your payoff date.
Note: Results are estimates. Your real payoff depends on your lender’s payment posting rules, escrow changes, and whether extra payments are applied to principal.
Add a fixed amount every month (most consistent strategy). Even $50–$200 can create meaningful interest savings over time.
Useful if you get bonuses or tax refunds. The calculator spreads the yearly extra into an estimated monthly effect (so you can compare plans).
Great for windfalls. Paying a lump sum early in your loan usually saves more interest than paying the same amount later.
Paying every two weeks often results in ~1 extra full payment each year (26 half-payments). That can shorten your loan and reduce interest.
Rahul has a 30-year mortgage. After a few years, he checks his statement and notices that a big part of each payment is still going to interest. He decides to try an extra payment strategy.
With a consistent extra payment, Rahul sees that he can potentially finish years earlier and save thousands in interest — without refinancing.
This is an illustrative scenario for education. Real savings depend on your exact loan terms and payment processing.
Want to compare refinancing? Try the Refinance Calculator from the Related Calculators section.
Usually, no. Extra payments typically reduce your principal and shorten the loan term (payoff earlier). Your required monthly payment stays the same unless you refinance or recast the loan (if your lender offers recasting).
Bi-weekly often results in one extra full payment per year, which can speed up payoff and reduce interest. The benefit is similar to making a small extra monthly payment — it’s mainly about consistency.
Generally, earlier is better because interest accrues over time. A lump sum early in the loan can save more interest than the same amount spread later — but monthly extras are easier to stick to.
Differences can happen due to rounding, daily interest vs monthly interest methods, escrow changes, payment posting dates, and whether extra payments are applied to principal immediately.
The interest rate, unpaid principal balance (or original amount + remaining term), and your actual monthly payment are key. Use your latest mortgage statement for best results.
Extra payments usually apply to principal only and don’t directly reduce escrow. Escrow is based on taxes/insurance and may change annually.
This mortgage payoff calculator is for educational and informational purposes only. It does not provide financial advice, tax advice, or investment advice. Loan payoff results are estimates and may differ from your lender’s actual schedule due to fees, escrow, rounding, payment posting rules, and loan terms. Always confirm details with your lender or a qualified financial professional.