Mortgage Payoff Calculator
See how making extra payments can help you pay off your mortgage early and save on interest.
Mortgage Payoff Results
Original Plan
Payoff Date:
Total Payments:
Total Interest:
With Extra Payments
Payoff Date:
Total Payments:
Total Interest:
Your Savings
Time Saved
Interest Saved
Total Savings
Amortization Schedule
| Period | Payment | Principal | Interest | Extra Payment | Balance |
|---|
About Our Mortgage Payoff Calculator
Our Mortgage Payoff Calculator helps you visualize how making extra payments toward your mortgage can significantly reduce your loan term and save you thousands in interest payments over the life of your loan.
Key Features:
- Calculate the impact of additional monthly payments on your mortgage
- See exactly how many years and months you'll save on your loan
- View detailed amortization schedules with and without extra payments
- Calculate total interest savings from making extra payments
- Option to apply extra payments directly to the principal
- Visualize your path to mortgage freedom
How to Use This Calculator:
- Enter your current loan balance
- Input your annual interest rate
- Enter your current monthly payment
- Specify the remaining term of your mortgage
- Enter the amount you'd like to pay extra each month
- Check the box if you want the extra payment applied to principal only
- Click "Calculate Payoff Plan" to see your results
Benefits of Early Mortgage Payoff:
- Save thousands in interest payments
- Build equity in your home faster
- Achieve financial freedom sooner
- Reduce financial stress and uncertainty
- Free up money for other financial goals once your home is paid off
Note: This calculator provides estimates based on your inputs. For the most accurate information, consult with your mortgage lender about your specific loan terms, including any potential prepayment penalties.