Mortgage Payoff Calculator
See how extra monthly payments shorten your mortgage term and cut interest. Estimate your payoff date and interest saved.
An extra amount added to your regular payment and applied to the principal.
Payoff time
15 years 11 months
Standard: 20 years 1 months
Interest saved
$35,008
vs. paying only the standard amount
Total interest
$110,311
Standard interest: $145,319
Total you pay
$310,311
$1,632.86 per month
Extra principal payments cut both the payoff time and the total interest.
How it works
Simulate each payment with extra principal applied to the balance; months = count until balance reaches zero.
Example: $200,000 at 6% with $200 extra/month → paid off ~5.5 years early, saving ~$48,000 in interest.
Mortgage Payoff Calculator on True Calculator gives you an instant, accurate answer with no sign-up and no app install. See how extra monthly payments shorten your mortgage term and cut interest. Estimate your payoff date and interest saved. Every result shows the formula and a worked example so you can verify the calculation yourself, and all values are computed in your own browser — your numbers never leave your device.
Popular uses: mortgage payoff calculator · extra payment calculator · mortgage payoff date
Last updated: August 2026
How We Calculate
This calculator uses standard mathematical formulas verified by our team. All calculations are performed instantly in your browser using JavaScript — no data is sent to any server. The formulas used are industry-standard and match those used by banks, financial institutions and health organizations.
For financial calculators, we use RBI-approved formulas and regularly updated bank rates. For health calculators, we use WHO-recommended formulas and medical standards. All rates and standards are sourced from official government and regulatory websites.
Frequently Asked Questions
How do extra payments shorten my mortgage?
Every extra dollar you apply to principal reduces the balance faster, which cuts the interest charged and shortens the loan. Enter a one-time or monthly extra payment to see the years and interest saved.
Should I make one extra payment a year or pay monthly?
A monthly extra payment — for example a 13th payment spread across 12 months — attacks the principal earlier, so it saves slightly more interest than one lump payment at year-end.
Is it better to pay extra on my mortgage or invest?
If your mortgage rate is low and you can earn more in a tax-advantaged investment, investing may win. Paying extra guarantees a risk-free, tax-free return equal to your mortgage rate.
Does prepaying my mortgage have a penalty?
Some lenders charge a prepayment penalty, though most modern loans do not. Check your mortgage note or ask your lender before making large extra payments.
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