Mortgage Payoff Calculator - Calculate Early Payoff with Extra Payments

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Did you know that making just one extra mortgage payment per year can shave 4-6 years off a 30-year mortgage?

Loan Information:

Loan Amount:

Interest Rate (%):

Loan Term (years):

Extra Payments:

Monthly:

Yearly:

Month:

Payoff Summary:

Orig Payoff Date:

New Payoff Date:

Time Saved:

Orig Monthly Pymt:

Total Extra Pymts:

Eff. Savings Rate:

Orig Total Interest:

New Total Interest:

Interest Saved:

Amortization Schedule:

Year	Month	Payment	Principal	Interest	Extra Payment	Balance

How to Use the Mortgage Payoff Calculator

This calculator helps you see how extra payments can dramatically reduce your mortgage term and save you thousands of dollars in interest.

1. Enter Your Loan Information

Input your current loan amount, interest rate, and loan term in years. This establishes your baseline mortgage scenario.

2. Add Extra Payments

Enter any extra monthly payment you plan to make, and/or an extra yearly payment (such as a bonus or tax refund). You can choose which month to make the yearly payment.

3. Review Your Savings

The calculator shows you:

Original vs. New Payoff Date: See exactly when you'll be mortgage-free
Time Saved: How many years and months you'll shave off your mortgage
Interest Saved: The total amount you'll save in interest payments
Amortization Schedule: Month-by-month breakdown of your payments

Benefits of Extra Mortgage Payments

Pay off your mortgage years earlier
Save tens of thousands in interest payments
Build home equity faster
Achieve financial freedom sooner
Reduce overall financial risk

Common Extra Payment Strategies

Bi-weekly payments: Make half your payment every two weeks (equals 13 full payments per year)
Round up: Round your payment to the nearest hundred
Annual bonus: Apply your yearly bonus or tax refund to principal
Small monthly extra: Even $50-100 extra per month can save years