Mortgage Payoff Calculator
Enter the balance, rate, and payment to see when the loan reaches zero, with or without an extra principal payment.
Use it when you want a payoff date from the balance, the payment, and any extra you plan to send.
Compare scenarios
What if you add a larger extra payment?
How we calculated this
Each month, interest is charged on the remaining balance. Anything in the payment above that interest reduces principal. Extra payments are applied to principal, which shortens the loan and reduces total interest.
What does this mean?
At this payment, the balance is scheduled to reach $0 in September 2056. Add an extra monthly payment to see how much sooner the loan ends.
Your assumptions
Edit assumptions- Balance
- $320,000
- Interest rate
- 6.50%
- Monthly payment
- $2,022.00
- Extra monthly payment
- $0.00
This calculator provides an estimate for informational purposes. Actual mortgage payments, taxes, insurance, PMI, fees, and lender terms may vary.
Embed
Paste this iframe to show the calculator on another page. Taller results scroll inside the frame.
<iframe src="https://myhousingiq.com/embed/mortgage-payoff-calculator" title="Mortgage Payoff Calculator" width="100%" height="900" style="border:0;max-width:1080px;"></iframe>
How the estimate is calculated
Each month, interest is charged on the remaining balance. The rest of the payment reduces principal.
Extra payments are applied to principal. The result shows months saved and interest saved against the same payment with nothing extra.
Payoff math
The schedule repeats until the balance is zero: interest equals balance times the monthly rate, and principal equals the payment minus interest. The payoff month is the last row.
Example
- Enter the balance on your statement.
- Enter the principal and interest payment, not the full escrow payment.
- Add an extra amount to see the new date.
With the numbers filled in on this page, the estimate is September 2056.
What changes the result
Payment size
If the payment does not cover interest, the balance cannot fall. The calculator says so instead of inventing a date.
Extra principal
Extra principal helps most early in the loan, when the balance and the interest charge are larger.
Rate
The rate on the statement is the one that should drive this estimate.
Questions
Should I include taxes in the payment?
No. Use the principal and interest portion. Escrow does not reduce the loan balance.
What if my payment is too small?
You will see a message asking for a payment above the monthly interest.
Does this include a prepayment penalty?
No. Check the loan documents before assuming extra payments are free.