Mortgage Payoff Calculator

1. Enter the Remaining mortgage balance ($), Annual interest rate (%), and Current monthly payment ($). Use the principal-and-interest payment, excluding taxes, insurance, and escrow.
2. Enter an Extra monthly payment ($, optional) for the second schedule. The calculator applies this amount to principal in addition to the current payment.
3. Enter a Start date (optional), or leave it blank so the calculation uses today's date.
4. Click Calculate. Use Copy result or Download result (.txt) for the plain-text summary.

What an extra mortgage payment changes

The result compares two simulations. Scheduled payment only uses Current monthly payment ($). Scheduled + extra payment uses that payment plus Extra monthly payment ($, optional). Each month, the calculator applies interest first and uses the rest of the payment to reduce the balance.

Remaining mortgage balance: $220,000
Annual interest rate: 6.25%
Current monthly payment: $1,450
Extra monthly payment: $200

Scheduled payment only: 301 months, $215,921.42 interest
Scheduled + extra payment: 229 months, $156,583.63 interest
Interest saved: $59,337.78

Here, the extra $200 cuts 72 months from the simulated schedule and reduces simulated interest by $59,337.78. The payoff dates also depend on Start date (optional).

How the mortgage payoff date is calculated

The monthly rate is Annual rate / 100 / 12. For each simulated month, the calculator finds interest with Remaining balance x monthly rate, subtracts that amount from the payment, and reduces the balance by the principal portion. It runs the same calculation for the scheduled payment and the scheduled-plus-extra plan.

The simulation stops when the remaining balance is at most $0.005. The payoff date is the selected Start date (optional) plus the simulated months. Interest saved is scheduled-plan interest minus extra-payment-plan interest.

Mortgage payoff calculator input rules and limits

• Remaining mortgage balance ($) and Current monthly payment ($) must be greater than 0. Annual interest rate (%) must be between 0 and 100.
• Extra monthly payment ($, optional) may be blank or 0, but it cannot be negative. The annual rate and payment remain fixed while the calculator compounds interest monthly.
• Current monthly payment ($) must exceed the first month's interest. Otherwise, the balance does not shrink and an error appears.
• The scheduled-payment plan shows an error if the balance has not paid off within 1,200 months. The simulation covers principal and interest only. It does not model taxes, insurance, PMI, escrow, fees, refinancing, missed payments, or changes to the rate or payment.

What the result includes

Enter a recurring amount in Extra monthly payment ($, optional) to see how that amount changes the second schedule. The comparison shows the payoff date, months to payoff, total interest paid, interest saved, and time saved for both plans.

Copy result puts the summary on the clipboard. Download result (.txt) creates a text file with the entered values, formulas, dates, month counts, interest totals, interest saved, and time saved.

Choose a related financial calculator

Use Financial Calculators for another loan, debt, pay, housing, investing, or savings calculation. The Amortization Calculator gives a period-by-period principal, interest, and balance schedule. The Mortgage Calculator includes taxes, insurance, HOA, mortgage insurance, and payoff scenarios.

Frequently asked questions