Finance category
Mortgage, loan, investing, tax, and money calculators.
Mortgage Payoff Calculator
See how much faster you could get rid of your mortgage by sending extra money to principal each month or making annual lump-sum payments.
Current payoff path
Payoff time
30 years
Payoff date
Mar 2056
Total interest left
$426,100.95
Total remaining paid
$761,100.95
Accelerated payoff path
Payoff time
18 years, 3 months
Payoff date
Jun 2044
Months saved
11 years, 9 months
Interest saved
$187,917.10
First-year accelerated schedule
Includes your extra monthly payment and annual lump-sum strategy.
| Month | Payment | Principal | Interest | Remaining Balance |
|---|---|---|---|---|
| Apr 2026 | $2,419.00 | $604.42 | $1,814.58 | $334,395.58 |
| May 2026 | $2,419.00 | $607.69 | $1,811.31 | $333,787.89 |
| Jun 2026 | $2,419.00 | $610.98 | $1,808.02 | $333,176.91 |
| Jul 2026 | $2,419.00 | $614.29 | $1,804.71 | $332,562.62 |
| Aug 2026 | $2,419.00 | $617.62 | $1,801.38 | $331,945.00 |
| Sep 2026 | $2,419.00 | $620.96 | $1,798.04 | $331,324.04 |
| Oct 2026 | $2,419.00 | $624.33 | $1,794.67 | $330,699.71 |
| Nov 2026 | $2,419.00 | $627.71 | $1,791.29 | $330,072.00 |
| Dec 2026 | $2,419.00 | $631.11 | $1,787.89 | $329,440.89 |
| Jan 2027 | $2,419.00 | $634.53 | $1,784.47 | $328,806.36 |
| Feb 2027 | $2,419.00 | $637.97 | $1,781.03 | $328,168.39 |
| Mar 2027 | $4,919.00 | $3,141.42 | $1,777.58 | $325,026.97 |
How to Use
- Enter the remaining balance, current mortgage rate, and the payment you are already making.
- Add any extra monthly principal payment and optional once-a-year lump sum you expect to make consistently.
- Compare the baseline payoff path against the accelerated plan to see months saved and interest avoided.
- Review the first-year schedule to understand how quickly extra money shifts the payment mix toward principal.
Frequently Asked Questions
Does one extra mortgage payment a year really matter?
Often yes. Because mortgage interest is charged on the remaining balance, even modest recurring extra payments can remove months or years from the back end of the loan and cut total interest materially.
Should I make extra payments or invest instead?
That depends on your mortgage rate, tax situation, liquidity needs, and expected investment returns. This calculator answers the debt side of the tradeoff by showing the guaranteed interest saved.
Will my lender automatically apply extra money to principal?
Not always. Many servicers need the payment marked as principal-only, especially if you are paying more than the amount due. Check servicing instructions before relying on the savings estimate.
Why does a low payment fail the calculator?
If the payment does not cover the monthly interest charge, the balance will not amortize. In that case the calculator flags the payment as too low rather than pretending the loan will eventually pay off.
Can I use this after refinancing or recasting?
Yes. Enter the current remaining balance, rate, and actual payment amount on the loan as it exists today, regardless of how you got there.
Related Calculators
Mortgage Recast Calculator
Apply a lump sum and re-amortize the existing loan to lower the payment without refinancing.
Refinance Break-Even Calculator
Compare accelerated payoff against replacing the loan when break-even math favors refinancing.
Amortization Schedule Calculator
Inspect a full month-by-month amortization table with optional extra payments.
Mortgage Calculator
Estimate the original payment and lifetime interest on a fresh mortgage scenario.
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