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Mortgage Payoff Calculator

This mortgage payoff calculator shows a new payoff date and interest saved when you add extra monthly or lump-sum principal.

Remaining principal. Must be greater than zero.

Annual percentage rate. 0% is allowed.

Whole or decimal years. Combined with extra months below.

Added to the year term. Example: 24 years + 6 months.

Additional principal each month, on top of regular P&I.

Applied to principal before the first extra-payment month.

Used only to label the new payoff date.

Payoff summary

Baseline monthly P&I
$1,890.58
Payment with extras
$2,090.58
Baseline payoff
25 years
New payoff
20 years
Months saved
60 (5 years)
Interest without extras
$287,173.99
Interest with extras
$220,280.08
Interest saved
$66,893.91

Principal and interest only. Extra amounts are applied to principal. Not a lender quote, and not taxes, insurance, or escrow.

Advertiser disclosure: A finance partner link will show here when it is live. We may earn a commission if you use it. This is not a loan offer, and the calculator result does not change.

Accelerated yearly schedule

Year-by-year principal versus interest with extra payments
YearPrincipalInterestRemaining
Year 1$7,095.89$17,991.07$272,904.11
Year 2$7,571.11$17,515.85$265,333.00
Year 3$8,078.16$17,008.80$257,254.84
Year 4$8,619.17$16,467.79$248,635.67
Year 5$9,196.41$15,890.55$239,439.26
Year 6$9,812.33$15,274.63$229,626.93
Year 7$10,469.45$14,617.51$219,157.48
Year 8$11,170.63$13,916.33$207,986.85
Year 9$11,918.73$13,168.23$196,068.12
Year 10$12,716.96$12,370.00$183,351.16
Year 11$13,568.63$11,518.33$169,782.53
Year 12$14,477.35$10,609.61$155,305.18
Year 13$15,446.92$9,640.04$139,858.26
Year 14$16,481.42$8,605.54$123,376.84
Year 15$17,585.23$7,501.73$105,791.61
Year 16$18,762.95$6,324.01$87,028.66
Year 17$20,019.54$5,067.42$67,009.12
Year 18$21,360.26$3,726.70$45,648.86
Year 19$22,790.81$2,296.15$22,858.05
Year 20$22,858.05$769.79$0.00

Year-by-year view of the extra-payment schedule. Baseline months without extras: 300.

How to use

  1. Enter the remaining balance, APR, and remaining term.
  2. Add an extra monthly amount, a one-time lump sum, or both.
  3. Compare the original payoff with the accelerated one. Taxes and insurance are not included.

Formula

The baseline payment uses the standard amortizing formula. Each extra dollar reduces principal, so the next month’s interest (balance × APR ÷ 12) is smaller. Interest saved is the difference between the original schedule and the faster one.

Example. On a loan whose interest this month is balance × APR ÷ 12, a $200 extra payment cuts principal by $200 immediately and shortens the schedule by more than one month over time.

Frequently asked questions

How do extra payments save interest?

Each extra dollar goes to principal, so the balance that accrues interest the next month is smaller. Over time you pay fewer months of interest and often finish years earlier. The interest saved is the difference between the original schedule and the accelerated one.

Biweekly vs extra monthly?

A true biweekly plan makes 26 half-payments a year, which is about one extra monthly payment. This tool models a stated extra amount on top of regular monthly P&I. To approximate biweekly, enter one extra monthly payment per year divided by 12 (about 1/12 of your P&I) as the extra monthly field.

Does this include taxes and insurance?

No. It models principal and interest only. Property taxes, homeowners insurance, and mortgage insurance (escrow) are not included in the payment or the interest-saved figures.

Is this a lender quote?

No. Quick Tools does not make loans or pull live rates. Enter the rate and balance from your statement. Actual payoff figures can differ because of daily interest, fees, or how your servicer applies extras.

Can I model a lump-sum payment?

Yes. Enter a one-time amount in the lump-sum field. It is applied to principal before the first extra-payment month. You can combine a lump sum with an ongoing extra monthly payment.

What if my APR is 0%?

A 0% loan still has a baseline P&I of remaining balance divided by remaining months. Extra monthly or lump-sum payments shorten the calendar; there is no interest to save.

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