Mortgage Payoff Calculator
Compare normal, extra, biweekly, and immediate mortgage payoff strategies.
Compare remaining normal repayment with an accelerated payoff strategy.
Result
Calculation details
Scroll horizontally or vertically to see more. Download CSV for the complete schedule.
| Period | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | 1,800 | 1,250 | 550 | 249,450 |
| 2 | 1,800 | 1,247.25 | 552.75 | 248,897.25 |
| 3 | 1,800 | 1,244.49 | 555.51 | 248,341.74 |
| 4 | 1,800 | 1,241.71 | 558.29 | 247,783.44 |
| 5 | 1,800 | 1,238.92 | 561.08 | 247,222.36 |
| 6 | 1,800 | 1,236.11 | 563.89 | 246,658.47 |
| 7 | 1,800 | 1,233.29 | 566.71 | 246,091.77 |
| 8 | 1,800 | 1,230.46 | 569.54 | 245,522.23 |
| 9 | 1,800 | 1,227.61 | 572.39 | 244,949.84 |
| 10 | 1,800 | 1,224.75 | 575.25 | 244,374.59 |
| 11 | 1,800 | 1,221.87 | 578.13 | 243,796.46 |
| 12 | 1,800 | 1,218.98 | 581.02 | 243,215.44 |
| 13 | 1,800 | 1,216.08 | 583.92 | 242,631.52 |
| 14 | 1,800 | 1,213.16 | 586.84 | 242,044.68 |
| 15 | 1,800 | 1,210.22 | 589.78 | 241,454.90 |
| 16 | 1,800 | 1,207.27 | 592.73 | 240,862.17 |
| 17 | 1,800 | 1,204.31 | 595.69 | 240,266.48 |
| 18 | 1,800 | 1,201.33 | 598.67 | 239,667.82 |
| 19 | 1,800 | 1,198.34 | 601.66 | 239,066.16 |
| 20 | 1,800 | 1,195.33 | 604.67 | 238,461.49 |
| 21 | 1,800 | 1,192.31 | 607.69 | 237,853.79 |
| 22 | 1,800 | 1,189.27 | 610.73 | 237,243.06 |
| 23 | 1,800 | 1,186.22 | 613.78 | 236,629.28 |
| 24 | 1,800 | 1,183.15 | 616.85 | 236,012.42 |
| 25 | 1,800 | 1,180.06 | 619.94 | 235,392.49 |
| 26 | 1,800 | 1,176.96 | 623.04 | 234,769.45 |
| 27 | 1,800 | 1,173.85 | 626.15 | 234,143.30 |
| 28 | 1,800 | 1,170.72 | 629.28 | 233,514.01 |
| 29 | 1,800 | 1,167.57 | 632.43 | 232,881.58 |
| 30 | 1,800 | 1,164.41 | 635.59 | 232,245.99 |
| 31 | 1,800 | 1,161.23 | 638.77 | 231,607.22 |
| 32 | 1,800 | 1,158.04 | 641.96 | 230,965.26 |
| 33 | 1,800 | 1,154.83 | 645.17 | 230,320.08 |
| 34 | 1,800 | 1,151.60 | 648.40 | 229,671.68 |
| 35 | 1,800 | 1,148.36 | 651.64 | 229,020.04 |
| 36 | 1,800 | 1,145.10 | 654.90 | 228,365.14 |
How to use this calculator
Compare remaining normal repayment with an accelerated payoff strategy. Enter amounts in the units shown, select the applicable options, and click Calculate. Use Reset to restore the starting values.
Calculation formula
Remaining balance = P(1+i)^k − A((1+i)^k−1)/i; simulate subsequent repayments.
Assumptions and accuracy
Review timing, rates, fees and result notes when comparing scenarios. Future returns and rates are assumptions rather than guaranteed outcomes. Monetary display follows the currency’s precision; intermediate calculations retain additional digits.
Choose what to calculate
Mortgage payoff calculator
Use your current balance and regular payment to compare extra monthly, annual or one-time payments. Review interest saved and time to payoff.
Related searches: Mortgage calculator with extra payments · Extra mortgage payment calculator · Early mortgage payoff calculator · Mortgage interest savings calculator · Lump sum mortgage payment calculator
Open this calculationUnderstanding this calculation
Extra mortgage principal can shorten repayment and reduce future loan interest. Compare strategies using the same current balance, regular payment and interest rate.
Reading your result
- Current principal balance
- The balance at the start of this projection, not the original home price.
- Interest saved
- Baseline future interest minus strategy future interest under the same modeled loan assumptions.
- Years to payoff
- Actual modeled payment count divided by the payment frequency; the last payment is capped at what remains.
Compare two scenarios
- Run the normal monthly strategy first, then enter one extra monthly amount.
- Test a lump sum separately before combining it with recurring extras; keep the start dates consistent.
Check before comparing
- Use a lender statement for your current balance and regular principal-and-interest payment.
- A half payment every two weeks produces 26 payments per year; twice a month produces 24.
- Lender payoff fees, penalties and daily interest since the last payment are outside this model.
Result explanations checked against this calculator’s local model. Model scope and sources appear below.
Worked examples
Pay off a zero-interest balance faster
Illustrative inputs are specified in the steps below; the example link loads the complete settings. Unmentioned settings use the linked defaults.
- The regular 1,000 plus 1,000 extra reduces principal by 2,000 per month; 12,000 / 2,000 = 6 months, with zero interest.
Interest with strategy: 0 USD.
Try these inputsCommon questions
Should I enter my original mortgage or remaining balance?
Use a remaining-balance mode for today's outstanding principal. Use an original-loan mode when estimating the balance from the original terms and payments already made.
Are biweekly payments the same as paying twice a month?
No. There are 26 biweekly periods versus 24 semimonthly periods in a year. Confirm the strategy and your servicer's crediting policy.
What does a mortgage calculator with extra payments compare?
Compare the original repayment path with extra principal under the chosen strategy. Interest savings and earlier payoff depend on when extra money reaches principal, not just the total extra paid.
Do extra mortgage payments reduce property taxes and insurance?
The payoff comparison models loan principal and interest. Extra principal can reduce future interest and shorten payoff time, but property taxes and homeowners insurance do not disappear when the mortgage is repaid. Lender prepayment penalties and accrued daily payoff interest are excluded.
Scope and assumptions
Results assume the entered rate and payment strategy continue. Prepayment penalties and lender treatment of partial payments are not determined.
Sources
- Calculation methodology, rule versions and testing limitations
- Reference calculator for feature comparison (not a model-parity certification)
Calculation notes checked . Examples are mathematical checks under the stated assumptions.
Calculation methods and formulas
Current balance · Extra payments
Compare remaining normal repayment with an accelerated payoff strategy.
Remaining balance = P(1+i)^k − A((1+i)^k−1)/i; simulate subsequent repayments.
Current balance · Normal repayment
Compare remaining normal repayment with an accelerated payoff strategy.
Remaining balance = P(1+i)^k − A((1+i)^k−1)/i; simulate subsequent repayments.
Current balance · Biweekly
Compare remaining normal repayment with an accelerated payoff strategy.
Remaining balance = P(1+i)^k − A((1+i)^k−1)/i; simulate subsequent repayments.
Current balance · Pay off now
Compare remaining normal repayment with an accelerated payoff strategy.
Remaining balance = P(1+i)^k − A((1+i)^k−1)/i; simulate subsequent repayments.
Original loan · Extra payments
Compare remaining normal repayment with an accelerated payoff strategy.
Remaining balance = P(1+i)^k − A((1+i)^k−1)/i; simulate subsequent repayments.
Original loan · Normal repayment
Compare remaining normal repayment with an accelerated payoff strategy.
Remaining balance = P(1+i)^k − A((1+i)^k−1)/i; simulate subsequent repayments.
Original loan · Biweekly
Compare remaining normal repayment with an accelerated payoff strategy.
Remaining balance = P(1+i)^k − A((1+i)^k−1)/i; simulate subsequent repayments.
Original loan · Pay off now
Compare remaining normal repayment with an accelerated payoff strategy.
Remaining balance = P(1+i)^k − A((1+i)^k−1)/i; simulate subsequent repayments.
See our calculation methodology and review status for data versions, rounding and validation limitations.