Calculate mortgage payoff with extra payments: see new payoff time, interest saved and amortization with extra.
Calculate mortgage payoff with extra payments: see new payoff time, interest saved and amortization with extra.
Enter values above and click Calculate — results will appear here with the formula explained.
This simulates amortization: standard payment plus extra goes directly to principal, reducing balance faster and cutting interest. Extra early saves more than late.
Assumes fixed rate, extra always to principal, no prepayment penalty.
For YMYL decisions, verify with authoritative sources (CFPB, IRS, WHO, or a licensed professional) and run conservative vs optimistic scenarios. This tool is educational, not professional advice — it assumes constant inputs and excludes fees, taxes and variability that affect real outcomes.
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This simulates amortization: standard payment plus extra goes directly to principal, reducing balance faster and cutting interest. Extra early saves more than late. Formula: Standard P = balance*r*(1+r)^n/((1+r)^n-1); With extra, iterate month by month deducting extra from principal
Mortgage Payoff Calculator computes calculate mortgage payoff with extra payments: see new payoff time, interest saved and amortization with extra. Formula: Standard P = balance*r*(1+r)^n/((1+r)^n-1). Example: With $280k at 6.
Calculate mortgage payoff with extra payments: see new payoff time, interest saved and amortization with extra. Formula: Standard P = balance*r*(1+r)^n/((1+r)^n-1); With extra, iterate month by month deducting extra from principal
| Field | What to enter |
|---|---|
| Remaining balance ($) | e.g. 280000 |
| Annual rate (%) | e.g. 6.5 |
| Remaining years | e.g. 25 |
| Extra per month ($) | e.g. 400 |
All fields use the exact formulas shown below — results include step-by-step breakdowns you can verify by hand.
This simulates amortization: standard payment plus extra goes directly to principal, reducing balance faster and cutting interest. Extra early saves more than late.
Assumes fixed rate, extra always to principal, no prepayment penalty.
For YMYL decisions, verify with authoritative sources (CFPB, IRS, WHO, or a licensed professional) and run conservative vs optimistic scenarios. This tool is educational, not professional advice — it assumes constant inputs and excludes fees, taxes and variability that affect real outcomes.
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With $280k at 6.5% for 25y, payment $1,789. Adding $400/mo pays off in ~18y, saving 7 years and ~$78k interest.
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