Mortgage Payoff Calculator
Find how soon extra payments pay off your mortgage and how much interest they save.
Change the values and press Calculate to work out your own figures.
From the original loan
Enter the original loan, term, rate, time left and the extra payment.
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $21,985.03 | $12,793.37 | $359,424.21 |
| 2 | $21,195.96 | $13,582.44 | $345,841.77 |
| 3 | $20,358.24 | $14,420.16 | $331,421.61 |
| 4 | $19,468.85 | $15,309.55 | $316,112.06 |
| 5 | $18,524.58 | $16,253.82 | $299,858.24 |
| 6 | $17,522.09 | $17,256.31 | $282,601.93 |
| 7 | $16,457.73 | $18,320.67 | $264,281.26 |
| 8 | $15,327.76 | $19,450.64 | $244,830.62 |
| 9 | $14,128.09 | $20,650.31 | $224,180.31 |
| 10 | $12,854.42 | $21,923.98 | $202,256.33 |
| 11 | $11,502.20 | $23,276.20 | $178,980.13 |
| 12 | $10,066.56 | $24,711.84 | $154,268.29 |
| 13 | $8,542.41 | $26,235.99 | $128,032.30 |
| 14 | $6,924.21 | $27,854.19 | $100,178.11 |
| 15 | $5,206.24 | $29,572.16 | $70,605.95 |
| 16 | $3,382.27 | $31,396.13 | $39,209.82 |
| 17 | $1,445.84 | $33,332.56 | $5,877.26 |
| 18 | $45.06 | $5,877.26 | $0.00 |
Show the working
- balance now = the schedule after the payments made
- then each month the payment plus the extra comes off
From the balance and payment
Enter the balance, payment and rate.
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $13,514.78 | $10,485.22 | $219,514.78 |
| 2 | $12,868.06 | $11,131.94 | $208,382.84 |
| 3 | $12,181.46 | $11,818.54 | $196,564.30 |
| 4 | $11,452.53 | $12,547.47 | $184,016.83 |
| 5 | $10,678.61 | $13,321.39 | $170,695.44 |
| 6 | $9,856.99 | $14,143.01 | $156,552.43 |
| 7 | $8,984.69 | $15,015.31 | $141,537.12 |
| 8 | $8,058.56 | $15,941.44 | $125,595.68 |
| 9 | $7,075.34 | $16,924.66 | $108,671.02 |
| 10 | $6,031.47 | $17,968.53 | $90,702.49 |
| 11 | $4,923.20 | $19,076.80 | $71,625.69 |
| 12 | $3,746.58 | $20,253.42 | $51,372.27 |
| 13 | $2,497.41 | $21,502.59 | $29,869.68 |
| 14 | $1,171.19 | $22,828.81 | $7,040.87 |
| 15 | $81.67 | $7,040.87 | $0.00 |
Show the working
- each month: interest = balance × rate ÷ 12 (to the cent); the rest of the payment reduces the balance
How to use it
Enter the original loan, term, rate, time left and the extra payment. Enter the balance, payment and rate.
Enter amounts without commas or with them; rates are percentages (5 for 5%). Negative amounts are allowed where a sign means money paid out.
Key facts
each month: interest = balance × rate ÷ 12; the payment plus the extra comes off
Before paying early
Check for prepayment penalties, and compare the mortgage rate with what the money could earn elsewhere.
Questions
How soon does +$500 a month pay off a $400,000 mortgage with 25 years left at 6%?
In 17 years 3 months, 7 years 9 months early.
Formulas
each month: interest = balance × rate ÷ 12; the payment plus the extra comes off
Sources
Limitations
- Results are estimates for planning, not offers or financial advice; lenders and banks may round, count days or time payments differently.
- Rates are nominal annual rates compounded as you choose; payments at a different frequency use the equivalent periodic rate.