Early Mortgage Payoff Calculator
Enter your mortgage details below to see how extra payments can slash years off your loan and save you thousands in interest.
Loan Details
$
%
Extra Payments
$
Monthly Payment:$1,896
Interest Saved
$103,449
Total savings over loan life
Time Saved
6 years, 11 months
Earlier payoff date
Payoff Comparison
Without Extra Payments
30 years
Total Interest: $382,633
With Extra Payments
23 years, 1 months
Total Interest: $279,185
Balance Over Time
How to Use This Calculator
Start by entering your current loan balance—not the original amount you borrowed, but what you still owe today. Add your interest rate (found on your monthly statement), and the remaining years on your mortgage.
Next, decide how much extra you can pay. Even $100 per month toward principal makes a significant impact. The calculator instantly shows your new payoff date and total interest savings.
Understanding Your Results
- Interest Saved
- The total dollar amount you won't pay to the bank because you shortened your loan term.
- Time Saved
- How many months or years earlier you'll make your final payment and own your home free and clear.
- New Payoff Date
- The projected month and year when your mortgage balance reaches zero with extra payments applied.
- Amortization Schedule
- A month-by-month breakdown showing exactly how each payment splits between principal and interest.