Mortgage Payoff Calculator
Enter your current balance, interest rate, and monthly payment. The calculator returns the months remaining and total interest.
Time to payoff
21y 7m
Total interest
$215023.54
Total paid
$465023.54
How it works
Each month, interest = balance × (annual rate ÷ 12 ÷ 100). Principal = monthly payment − interest. Balance decreases by the principal portion. The loan is paid off when the balance reaches zero. Adding extra payment to principal accelerates payoff.
Frequently asked
- How does paying extra each month shorten my mortgage?
- Extra payments go directly to principal, which reduces the balance immediately. Less balance means less interest accrues next month, so each subsequent payment retires more principal — a compounding effect that can shave years off the loan.
- Is it better to pay extra principal or invest the difference?
- It depends on your mortgage rate vs expected investment return after tax. If your rate is 7% and you expect 6% from investments, extra principal usually wins. Below 4%, investing typically beats it over long periods.
- Will my lender penalize early payoff?
- Most modern US conforming mortgages have no prepayment penalty. Confirm with your servicer before making large extra payments.
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