Mortgage Payoff Calculator
Estimate how extra principal payments could shorten a mortgage term and reduce future interest. Compare recurring extra payments, lump sums or a combination of the two.
YOUR MORTGAGE. YOUR PLAN.
Mortgage Payoff
Calculator
Pay down the balance.
See what you could save.
Compare bi-weekly, extra monthly and lump-sum payments using your original loan details.
Estimates only. Enter your original loan amount, interest rate, term and first payment date. Confirm how your servicer applies extra principal.
Review your payoff plan ↗UNDERSTAND THE COMPARISON
See the effect of paying extra.
Use your original loan details
Enter the original loan amount, interest rate, loan term and first payment date. These inputs establish the original schedule used for comparison.
Explore one payment strategy
Choose bi-weekly payments, a recurring extra monthly amount, or a lump sum. For extra monthly and lump-sum scenarios, enter the amount and when it begins.
Compare interest and time saved
The results compare the selected accelerated schedule with the original schedule. Actual results depend on payment timing and how your servicer applies additional funds.
A WORKED EXAMPLE
Small additions. A shorter path.
A $350,000, 30-year mortgage at 6.50% has estimated principal and interest of approximately $2,212 per month. Adding $200 toward principal each month beginning with the first payment gives this illustration:
Illustrative example only; rounded estimates. Actual results depend on payment timing, the current balance and how the servicer applies additional funds. This is not a payoff statement.
BEFORE MAKING EXTRA PAYMENTS
Plan beyond
the payoff date.
Which loan amount and date should I enter?
This tool starts with your original loan amount, original term and first payment date. Enter the date extra monthly payments would begin or the date of your planned lump sum in the selected scenario.
Does paying extra lower my required payment?
Extra principal generally does not reduce the required monthly payment by itself. An eligible recast or refinance may be needed to change it.
How does the bi-weekly option work?
This option simulates making half of your monthly payment every two weeks, resulting in one extra full payment each year. Confirm how your mortgage servicer accepts and applies payments.
What should I review before paying extra?
Consider emergency savings, higher-cost debts, retirement goals and whether the loan has any payment restrictions. Confirm that your mortgage servicer applies extra funds to principal. The calculator shows mortgage math; it does not determine the best use of available cash for every borrower.
LOCAL KNOWLEDGE. PERSONAL GUIDANCE.
Review your
payoff strategy.
Talk through the tradeoffs between extra payments, a possible recast and refinancing before changing your monthly plan.
Sean Mertens · Assist Home Loans
NMLS #2047444
MORE WAYS TO PLAN
Review Your Payoff Strategy
How to Use the Mortgage Payoff Calculator
- Enter the current principal balance.
- Enter the interest rate and remaining loan term.
- Add the extra amount you plan to pay toward principal.
- Select when the extra payments would begin and whether they repeat.
- Compare the original payoff schedule with the accelerated schedule.
Use the current unpaid principal balance rather than the original loan amount. Confirm that your mortgage servicer applies extra funds to principal and review the loan terms for any applicable restrictions.
Understanding the Result
New estimated payoff date
Shows when the balance could reach zero if the additional payments continue as entered.
Time saved
Compares the accelerated schedule with the original remaining term.
Estimated interest saved
Reflects the reduction in future interest caused by lowering the principal sooner.
Required payment
Extra principal generally does not reduce the required monthly payment by itself. An eligible recast or refinance may be needed to change it.
Worked Example
Illustrative example only.
A $350,000, 30-year mortgage at 6.50% has estimated principal and interest of approximately $2,212 per month. If an additional $200 is applied to principal every month beginning with the first payment:
- Total monthly principal-and-interest payment: approximately $2,412
- Estimated payoff time: about 23 years and 10 months
- Estimated time saved: about 6 years and 2 months
- Estimated interest saved: approximately $108,100
Actual results depend on payment timing, the current balance and how the servicer applies additional funds.
Before Making Extra Payments
Consider emergency savings, higher-cost debts, retirement goals and whether the loan has any payment restrictions. The calculator shows mortgage math; it does not determine the best use of available cash for every borrower.
Review Your Payoff Strategy
Talk through the tradeoffs between extra payments, a possible recast and refinancing before changing your monthly plan.