Mortgage Payoff Calculator
See how much interest and time you could save by paying extra on your mortgage.
Enter your numbers and select Calculate to see results.
About This Calculator
This calculator shows how adding extra monthly payments to your existing mortgage shortens your payoff timeline and reduces total interest paid. Enter your current balance, rate, and remaining term, then add an extra monthly payment amount to see the impact.
How This Is Calculated
Extra principal payments reduce the balance interest accrues on each month, shortening the schedule.
- Interest Saved
- — Original total interest minus total interest with extra payments applied
On a $280,000 balance at 6.5% with 25 years remaining, adding $200/month extra could save tens of thousands in interest and cut several years off the payoff timeline.
Assumptions
- Assumes the extra payment is applied consistently every month for the life of the loan.
- Assumes a fixed interest rate.
- Extra payments are assumed to go entirely toward principal, as is standard when specified with your lender.
Frequently Asked Questions
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Last updated January 15, 2026. Results are estimates for informational purposes only — read our disclaimer.