About

Mortgage Payoff Calculator is a free tool site for homeowners who want one clear answer: how much money and time will extra payments on my mortgage actually save me?

Our main calculator lets you test extra monthly payments, annual lump sums and one-time extra payments against your real loan amount, interest rate and term. It shows your interest saved, your new payoff time, a balance chart, and a full amortization schedule — instantly, in your browser, with no sign-up.

How the numbers are calculated

Every result uses the standard amortization formula lenders use: your monthly payment is calculated from your loan amount, interest rate and term, and interest each month is charged on your remaining balance. Extra payments are applied to principal, which lowers the balance that future interest is charged on. That is why small extra payments early in a loan can save tens of thousands of dollars.

Who runs this site

This site is run by an independent publisher. We are not a lender, bank or mortgage broker, and we do not offer loans. Our job is to make the math behind mortgage payoff simple, transparent and free to check for yourself.

Worked example

On a $250,000 mortgage at 6.5% for 30 years, the monthly payment (principal and interest) is $1,580.17 and total interest is $318,861. Adding just $200 a month extra to principal pays the loan off in 22 years and 1 month and saves $97,618 in interest. Try your own numbers on the calculator — your result may surprise you.