Mortgage Payoff Calculator
Add a fixed amount to every mortgage payment and see how many years — and how much interest — you save.
Your details
- Years saved
- 6.75
- Payoff in (months)
- 279
- New monthly payment
- $1,998.65
Interest saved
- Interest (with extra)
- $256,341.1374%
- Interest saved
- $91,173.4326%
Formula
The extra amount is applied to principal each month, so the balance amortizes faster and the payoff date moves up.
How it works
Each month the extra amount is added to your regular principal payment, so the balance falls faster than scheduled. Because less principal accrues interest over time, even a modest extra payment can cut years off the loan.
Frequently asked questions
Is it better to pay extra on the mortgage or invest?⌄
It depends on your mortgage rate versus expected investment returns, and on how much you value being debt-free. A low fixed-rate mortgage is often kept while investing the difference.
How do I make sure extra payments go to principal?⌄
Tell your servicer to apply the extra amount to principal, not to prepay future payments — otherwise it may just advance your due date without saving interest.
Are there prepayment penalties?⌄
Most modern US mortgages have none, but check your loan terms before making large extra payments.
Sources & methodology
- •CFPB — mortgage basics — CFPB
Also on your phone
Numveo for Android
200+ financial calculators — mortgage, loans, taxes, retirement. Fast, private, and fully offline.
Learn more
Embed this calculator⌄
Paste this into your page — it works with no key and computes in the visitor's browser. The short credit line links back to Numveo; please keep it.
<iframe src="https://numveo.com/embed/mortgage-payoff-calculator" width="100%" height="640" style="border:0" loading="lazy" title="Mortgage Payoff Calculator"></iframe>
<p style="font:13px/1.5 system-ui,sans-serif;color:#52514e;margin:6px 0"><a href="https://numveo.com/mortgage/mortgage-payoff-calculator" target="_blank" rel="noopener">Mortgage Payoff Calculator</a> by <a href="https://numveo.com" target="_blank" rel="noopener">Numveo</a></p>