Mortgage Payoff Calculator
Compare your current payoff plan with extra monthly, yearly, or one-time principal payments.
Currency formatting only. Check your lender's prepayment terms; no local rules are assumed.
Current loan
Extra principal payments
Remaining balance comparison
Baseline payoff breakdown
Extra-payment schedule
| Month | Payment | Interest | Principal | Balance |
|---|
Detailed Breakdown
Current loan details
Use the outstanding principal, current contractual payment, and current annual rate from your latest statement. This is a remaining-balance model, not a reconstruction of the original mortgage.
Extra payments
Monthly extras are added each month, annual extras at each 12th payment, and a one-time amount at the first modeled payment. Biweekly mode schedules 26 half-payments per year.
Savings calculation
The baseline uses the current payment until payoff. The extra plan is simulated month by month; time and interest savings compare these two schedules.
Limits
The model assumes a fixed rate and that extras reduce principal immediately. Prepayment penalties, escrow, fees, rate resets, and lender-specific payment posting rules are not included.
Examples
If an extra monthly payment is applied directly to principal, the balance can reach zero earlier and total interest may fall. Compare the baseline and extra-payment schedules using the same starting balance and current payment.
FAQ
Does the calculator change my regular payment?
It compares your entered scheduled payment with optional additional payments. Your lender may recast or apply extra amounts differently.
Are prepayment penalties included?
No. Check the loan contract for restrictions, fees, and payment application instructions.
Why can my lender's payoff quote differ?
The quote may include daily accrued interest, fees, exact payment dates, and servicer-specific processing rules not modeled here.
Related Calculators
- Mortgage Calculator — estimate a mortgage payment and costs.
- Amortization Calculator — view the payment split over time.
- Loan Calculator — estimate a fixed-rate payment schedule.
Internal links: review your original payment in the Mortgage Calculator and inspect amortization with the Amortization Calculator.