Mortgage Payoff Calculator
A little extra principal. A lot less interest. See what changes from here.A little extra principal. A lot less interest.
- Estimated balance today
- Calculated monthly P&I
Your path to paid off
Remaining balance from today forward
| From today | Regular | With extra |
|---|---|---|
| Payoff month | ||
| Time to payoff | ||
| Interest remaining | ||
| Total remaining P&I |
How this estimate works
Savings compare two monthly amortization schedules from the same starting balance. Interest already paid is excluded. Extra payments reduce principal; the scheduled payment stays the same. The final payment is capped at the amount owed.
Assumes a fixed rate, monthly payments and no payment modifications, recasts or future refinance. Uses monthly interest with full precision before rounding displayed results. Excludes taxes, insurance, mortgage insurance, fees, tax effects and any prepayment penalty. Servicer timing and rounding may differ.
Your scheduled principal & interest payment is calculated from the original amount, rate and term. We estimate today’s balance after the scheduled payments since your closing month, assuming all scheduled payments were made on time. If you enter an actual balance, it replaces that estimate; we do not subtract past payments a second time. Ask your servicer to apply the extra amount to principal.
Before you send the extra payment
Why does a small extra payment do so much?
Extra principal reduces the balance that future interest is charged on. I’d look at both the interest saved and the payoff date, then keep enough cash for repairs and emergencies.
How do I make sure it goes to principal?
Use your servicer’s extra-principal option or instructions. I’d check the next statement to make sure the balance fell, rather than just moving your next due date forward.
Is there a prepayment penalty?
Standard VA, FHA, USDA and conforming conventional loans don’t carry prepayment penalties. I’d still check your note and servicer instructions, especially if you have a different loan type. This model excludes penalties and fees.
Extra payments or a refinance?
Extra payments keep your current loan and reduce principal. A refinance changes the loan and can add costs or restart the term. I’d compare the costs, how long you’ll keep the home and any higher-rate debt first.
Not sure extra payments are the best move?
Sometimes a refinance or paying off a higher-rate debt first saves more. Let’s look at it together, free.