Mortgage Payoff Calculator – Calculate Early Payoff & Interest Savings
Use our Mortgage Payoff Calculator to see how quickly you can pay off your home loan and how much interest you can save by making extra payments.
Adjust monthly extra payments or add a lump sum to instantly view your updated payoff date, total interest saved, and years reduced from your loan term.
How Paying Off Your Mortgage Early Works
Your outstanding loan decreases faster.
Future interest is calculated on a smaller balance.
Total interest paid over the life of the loan drops.
Your loan term shortens.
What This Mortgage Early Payoff Calculator Shows You
Updated mortgage payoff date
Total projected interest savings
Revised amortization schedule
Remaining balance timeline
Impact of recurring monthly extra payments
Impact of one-time lump sum payments
Example Scenario
Loan Amount: $350,000
Interest Rate: 6.5%
Term: 30 years
Extra Payment: $250 per month
Consistent extra payments could cut several years off your mortgage and save tens of thousands in interest.
Compare Mortgage Payoff Strategies
Biweekly Mortgage Payment Strategy
Biweekly payments result in one extra full payment per year, helping reduce total interest and shorten your loan term.
Lump Sum vs Monthly Extra Payments
Monthly extra payments provide consistent principal reduction.
Lump sum payments immediately reduce balance and future interest.
When Paying Off Early May Not Be Ideal
Very low mortgage interest rate
Higher-interest debt exists elsewhere
Insufficient emergency savings
Investment returns may exceed mortgage rate
Frequently Asked Questions
How much interest can I save? Savings depend on loan balance, rate, and extra payment size.
Do extra payments go to principal? Most lenders apply them to principal when specified.
Are the results accurate? Standard amortization formulas are used; actual loan terms may vary.
Is this calculator free? Yes, it is completely free to use.
Important Disclaimer
These calculations provide estimates for informational purposes only and do not constitute financial advice.
Results are based on standard amortization formulas and may not reflect lender-specific conditions.
Calculate Your Early Payoff Now
Important to know
Disclaimer: These mortgage calculators provide estimates for informational and educational purposes only. Results are based on standard mortgage formulas and may not reflect actual loan terms, fees, taxes, insurance, or lender-specific conditions. This tool does not provide financial, lending, or legal advice.
These calculators use standard mortgage amortization formulas commonly used to estimate loan payments based on the information you provide. It is intended to help users understand potential payment scenarios and compare options, not to replace lender disclosures or professional advice.
These calculators run on a secure cloud-hosted financial engine built with a production-grade .NET engine and hosted on Microsoft Azure for speed and accuracy.
Use our Mortgage Calculator to estimate your monthly mortgage payment based on loan amount, interest rate, and loan term. Compare scenarios, adjust down payments, and understand how changes impact your total cost before applying for a home loan.