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Mortgage Payoff
See how extra payments reduce interest and shorten your loan term.
Your loan
Enter your current balance and remaining term.
$
%
yr
Extra payments
Model additional monthly payments or a one-time lump sum toward principal.
$
$
What if?
Quick payoff scenarios
Toggle a preset to compare accelerated payoff against your baseline schedule.
Payoff Results
Your baseline payoff schedule with no extra payments.
Baseline Payoff
$2,070.45
Monthly P&I
$375,672
Total Interest
September 2054
Payoff Date
28 yr
Payoff Time
How payoff is calculated
- Monthly principal & interest is calculated from your current balance, rate, and remaining term.
- Extra monthly payments and lump sums reduce principal directly; interest savings come from fewer months of accrual.
- Lump sums are applied in the first month of the schedule (illustrative timing).
Mortgage Payoff Calculator — Extra Payments & Interest Saved
See how extra monthly payments or a lump sum shorten your loan term and reduce total interest. Compare payoff dates and interest saved against your current amortization schedule.
Common questions
- Do extra mortgage payments go to principal?
- Yes — amounts above your required payment typically reduce principal, which lowers future interest. Confirm with your lender that extras apply to principal and that no prepayment penalty applies.
- Is paying off my mortgage early always best?
- Prepaying guarantees a return equal to your mortgage rate. If your rate is low and you lack emergency savings or higher-interest debt, investing or paying other debt first may make more sense.
Learn
Related guides
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