Mortgage Payoff Calculator
See how extra payments can help you pay off your mortgage faster and save thousands in interest. Enter your current loan details to calculate your payoff timeline.
Principal and interest only (exclude taxes/insurance)
Enter your loan details to see your payoff timeline
How do extra payments reduce my mortgage?
Extra payments go directly toward your principal balance, reducing the amount that accrues interest. This creates a snowball effect where each future payment has more going to principal.
Should I pay extra on my mortgage or invest?
It depends on your interest rate and investment returns. If your mortgage rate is higher than expected investment returns (after taxes), paying extra on the mortgage is often better. The guaranteed return equals your interest rate.
Are there prepayment penalties?
Most modern mortgages dont have prepayment penalties, but check your loan documents. Some loans, especially older ones or certain loan types, may charge fees for early payoff.