Finance calculator
Mortgage Payoff Calculator
Estimate mortgage payoff time, interest paid, interest saved, total paid, extra monthly principal, and one-time prepayment effects from your current balance, rate, and payment.
Mortgage prepayment
Compare payoff time, extra payments, and interest savings
A mortgage payoff calculator answers a different question from a standard monthly payment calculator: how long will the current balance take to reach zero, and how much interest can extra payments or a one-time prepayment save?
Enter the current mortgage balance, annual rate, current principal-and-interest payment, extra monthly principal, and optional lump-sum prepayment. The calculator applies monthly interest, subtracts principal paid, and repeats until the projected payoff date.
This page is aimed at searches like mortgage calculator payoff, mortgage calculator prepayment, early payoff calculator, and mortgage calculator to pay off early. It keeps escrow items separate because property tax, insurance, PMI, and HOA dues do not reduce principal.
Use the result to compare a small recurring extra payment, a larger one-time principal payment, or a combination of both. Before sending a large payment, confirm lender instructions, prepayment rules, and the official payoff quote.
Before using the result
- Use the current unpaid principal balance, not the original loan amount.
- Enter only the principal-and-interest payment as the current monthly payment.
- Check whether the lender applies extra payments directly to principal.
- Request an official payoff quote before final payoff.
Related tools
FormulaNew balance = previous balance + monthly interest - payment
Formula
Mortgage payoff projection
Use this as a payoff and prepayment estimate. Ask the lender for an official payoff quote before making a final payment or large prepayment.
New balance = previous balance + monthly interest - payment
A larger extra principal payment reduces the balance faster, shortening payoff time and interest paid.
SourcesThis calculator includes source notes, assumptions, and exclusions so the result is easier to verify before use.
Sources and assumptions
Source notes
This calculator includes source notes, assumptions, and exclusions so the result is easier to verify before use.
- Effective year
- Current rules
- Last verified
- 2026-06-18
Use this as a payoff and prepayment estimate. Ask the lender for an official payoff quote before making a final payment or large prepayment.
Official and reference sources
Assumptions
- The current monthly payment is treated as a principal-and-interest payment.
- Extra monthly principal is added to the current monthly payment.
- A one-time prepayment is applied before projecting monthly payoff.
- Interest accrues monthly from the entered annual mortgage rate.
Not included
- Escrow, property tax, insurance, HOA dues, lender fees, payment timing rules, and prepayment restrictions.
- Official payoff quotes, lender servicing rules, and changes to adjustable rates.
FAQ8 common questions for this calculator.
FAQs
How does the mortgage payoff calculator handle extra payments?+
It adds the extra monthly principal to the current principal-and-interest payment, then projects the balance month by month until payoff.
Can I model a one-time mortgage prepayment?+
Yes. Enter a lump-sum prepayment and the calculator applies it before projecting the remaining monthly payoff schedule.
Why might the calculator show no payoff?+
If the monthly payment is too low to cover interest and reduce principal, the balance cannot be projected to zero under the entered assumptions.
Does this include escrow, taxes, or insurance?+
No. Payoff math focuses on principal and interest. Escrow items such as tax, insurance, and HOA dues do not reduce the mortgage principal.
How does the Mortgage Payoff Calculator calculate the result?+
For the Mortgage Payoff Calculator, it uses the Mortgage payoff projection: New balance = previous balance + monthly interest - payment. A larger extra principal payment reduces the balance faster, shortening payoff time and interest paid.
What information do I need to use the Mortgage Payoff Calculator?+
For the Mortgage Payoff Calculator, enter your current balance, rate, and payment. Keep the units consistent with the calculator fields and compare your setup with the worked example on the page.
How accurate is the Mortgage Payoff Calculator?+
Mortgage Payoff Calculator is accurate for the rates, amounts, dates, and rules entered. It uses the Mortgage payoff projection shown on this page. Real products can differ because of fees, taxes, contract terms, or changing official thresholds.
What should I check before using the Mortgage Payoff Calculator result?+
For the Mortgage Payoff Calculator, check your current balance, rate, and payment, then compare the Mortgage payoff projection and worked example with the contract or source you will rely on. Fees, tax year, currency, and payment timing can change the final decision.
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How to use the Mortgage Payoff Calculator
Estimate mortgage payoff time, interest paid, interest saved, total paid, extra monthly principal, and one-time prepayment effects from your current balance, rate, and payment. The page also explains the mortgage payoff projection and shows a practical example: A larger extra principal payment reduces the balance faster, shortening payoff time and interest paid.
- 1
Enter your details
Enter your current balance, rate, and payment, then complete any other fields shown in the calculator.
- 2
Check the calculation
Review the result alongside the mortgage payoff projection: New balance = previous balance + monthly interest - payment.
- 3
Compare scenarios
Change one or more inputs to see how they affect the mortgage Payoff Calculator result before you use the estimate.