Mortgage Payoff Calculator
Enter your loan balance, rate, term, and optional extra payment (monthly or one-time). See the new payoff date and total interest saved. Assumes extra payments apply to principal.
Payoff with extra payment
Enter values to calculate.
How it works
We run an amortization with the extra amount applied each period. Principal is reduced faster, so less interest accrues and the loan pays off earlier. Some lenders have rules on extra payments.
When to use it
Use it to decide whether to make extra payments, to compare a lump sum vs monthly extra, or to see how biweekly payments affect payoff.
Frequently asked questions
Do all lenders allow extra payments?
Most do. Confirm that extra goes to principal and that there are no prepayment penalties.
Is it better to invest instead?
Depends on your rate and investment return. This tool shows the guaranteed savings from paying down the loan.