Mortgage Payoff Calculator: Pay Off Your Home Early

Year-by-year payment schedule
Year	Payment	Interest	Principal	Balance
1	$25,154.40	$18,044.85	$7,109.55	$273,723.71
2	$25,154.40	$17,568.71	$7,585.69	$266,138.02
3	$25,154.40	$17,060.68	$8,093.72	$258,044.30
4	$25,154.40	$16,518.61	$8,635.79	$249,408.51
5	$25,154.40	$15,940.27	$9,214.13	$240,194.38
6	$25,154.40	$15,323.18	$9,831.22	$230,363.16
7	$25,154.40	$14,664.74	$10,489.66	$219,873.50
8	$25,154.40	$13,962.25	$11,192.15	$208,681.35
9	$25,154.40	$13,212.71	$11,941.69	$196,739.66
10	$25,154.40	$12,412.92	$12,741.48	$183,998.18
11	$25,154.40	$11,559.61	$13,594.79	$170,403.39
12	$25,154.40	$10,649.14	$14,505.26	$155,898.13
13	$25,154.40	$9,677.72	$15,476.68	$140,421.45
14	$25,154.40	$8,641.20	$16,513.20	$123,908.25
15	$25,154.40	$7,535.26	$17,619.14	$106,289.11
16	$25,154.40	$6,355.28	$18,799.12	$87,489.99
17	$25,154.40	$5,096.28	$20,058.12	$67,431.87
18	$25,154.40	$3,752.96	$21,401.44	$46,030.43
19	$25,154.40	$2,319.67	$22,834.73	$23,195.70
20	$23,986.08	$790.38	$23,195.70	$0.00
Total	$501,919.68	$221,086.42	$280,833.26	$0.00

This mortgage payoff calculator shows when your home loan will be paid off if you add extra payments, and how much interest that saves. Enter the original loan amount, rate, term and the payments you’ve made. Add extra monthly, yearly or one-time payments to see your new payoff date, time saved, interest saved and remaining balance.

How to use this calculator

Enter the original loan amount, the amount you borrowed, not the home’s price.
Enter the interest rate from your note or Closing Disclosure.
Enter the term in years, such as 30 or 15.
Enter the payments already made. Five years in is 60 payments.
Add extra payments. An extra monthly amount, an extra yearly amount (one extra payment a year, for example), and a one-time lump sum with the month you plan to pay it. Use any mix.

The calculator covers principal and interest only. Property taxes, homeowners insurance, mortgage insurance and HOA dues are left out, because extra payments don’t pay them down. Your escrow payment is on top of the figures here.

What the results mean

Remaining balance: What you owe today on the original schedule, after the payments you've made. Compare it with your latest statement.
New payoff date: The month your last payment lands with the extra payments included.
Time saved: How many years and months sooner you finish than the original schedule.
Interest saved: The interest you avoid compared with paying exactly as scheduled.

Worked example

Take a $300,000 mortgage at 6.5% for 30 years. The principal and interest payment is $1,896.20 a month. Paid as scheduled, the loan costs $382,636.71 in interest over 360 months.

Add $200 a month from the first payment. You save $103,450.19 in interest and the mortgage ends 6 years, 11 months early.

Extra payments do the most early in a mortgage, when the balance is largest and most of each payment is interest. Starting the same $200 ten years in still helps, but less. Enter 120 payments made above to compare.

Before you pay extra

Prepayment penalties. The CFPB says some mortgages have prepayment penalties during the first years of the loan. Whether yours does must be disclosed in your loan documents, sometimes only in an Addendum to the Note. Many states also limit these penalties.

How the servicer applies extra money. Ask your servicer to apply the extra to principal. Otherwise it may be held as an early payment toward next month.

Your other debts and savings. If you carry card or loan balances at higher rates than your mortgage, extra dollars save more interest there. The pay off debt or invest guide covers the trade-off.

How we calculate this

The scheduled payment comes from the standard loan formula for your original amount, rate and term. The calculator runs that schedule for the payments made to find today’s balance, then continues month by month, adding interest at the rate divided by 12, rounded to the cent, and applying your extra monthly, yearly and lump-sum payments to principal. The final payment is exactly what’s left. See the methodology page.

Mortgage extra payment calculator: with and without extra payments, side by side.
How to pay off a mortgage in 5 years: what it takes.
Pay off debt or invest?: where extra cash does more.

FAQ

How can I pay off my mortgage faster?

Pay more than the scheduled amount toward principal. You can add a fixed amount each month, make one extra payment a year, or put a lump sum toward the loan. All three shorten the loan and cut interest. Enter each option above to compare them against your original payoff date.

How much will an extra $200 a month save on my mortgage?

On a $300,000 loan at 6.5% for 30 years, adding $200 a month from the start saves $103,450.19 in interest and ends the loan 6 years, 11 months early. Starting later saves less. Enter your own loan and the payments you’ve already made above.

Does the calculator include taxes and insurance?

No. It covers principal and interest only. Property taxes, homeowners insurance and mortgage insurance are often collected with your payment through escrow, but extra payments don’t pay them down. Subtract them from your total monthly payment before you compare it with the principal and interest figure here.

Is there a penalty for paying off my mortgage early?

Some mortgages have one, often during the first years of the loan. The CFPB says your loan documents must disclose it, sometimes only in an Addendum to the Note, and many states limit these penalties. Check your note and any addendum, or ask your servicer, before making a large prepayment.

Should I pay off my mortgage early or invest?

It depends on your rate, your other debts and your savings. Paying extra saves interest at your mortgage rate. Investing may earn more or less, with risk. Any debt at a higher rate than your mortgage costs you more, so it is the natural first target. The pay off debt or invest guide walks through the comparison.

Mortgage Payoff Calculator