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Mortgage Payoff Calculator

Do you have a certain mortgage payoff goal? Perhaps you want to pay off your loan in 10 years? Maybe even less?

My new “mortgage payoff calculator” combines a few cool features to help you better understand how you mortgage it paid off.

And importantly, how extra mortgage payments affect the total interest expense and loan term.

This can come in handy if you’re looking to pay your mortgage off ahead of schedule.

It even has a payoff goal if you want to eliminate your mortgage entirely by a certain date, such as before retirement.

Mortgage Payoff Calculator

See how extra payments or a payoff goal can cut years off your mortgage and save thousands in interest — with a visual chart showing your balance over time.

Results update automatically as you type — no submit button needed.

Loan details

$
%
Current balance
—
Monthly payment
—
Remaining term
—
Interest remaining
—

Payoff scenarios — fill in any or all

$
Added to your regular payment each month
$
Applied to principal today
How many years until you want to be mortgage-free?
$
Applied to principal every January
Remaining loan balance over time

Scenario comparison

MoDatePaymentPrincipalInterestExtraBalance
Disclaimer: This calculator is for informational and educational purposes only and does not constitute financial, legal, or tax advice. Results are estimates based on a fixed interest rate and standard amortization and may not reflect actual loan terms, fees, or outcomes. Please consult a licensed mortgage or financial professional before making any financial decisions.

You can also combine extra monthly payments with an annual extra payment to see how much that will save.

For example, maybe you want to pay a little extra with each payment and also apply your tax refund each year.

Even if you’ve had your mortgage for a while, you can see what it’d be like to make extra payments mid-term.

So if you’ve had a mortgage for 10 years, but you’re sick of paying it, you can see what a one-time, monthly, or annual extra payment might do to shorten the loan term and reduce interest.

I Want to Pay Off My Mortgage In...

Or enter a specific date, such as “I want to pay off my mortgage in 5 years” or “I want to pay off my mortgage in 10 years.”

It’s pretty interesting just to see what it would take on a monthly basis to reach that goal. It might not be as bad as you think. Or maybe it is!

Just remember that while paying off a mortgage in full is a great accomplishment and worthy goal, it’s not the be all end all.

[Searching for a home loan? See your options with dozens of lenders fast.]

There might be better uses of excess cash, whether it’s funding a retirement account, putting money into the stock market, or perhaps buying an additional property.

Remember, mortgage rates are some of the cheapest interest rates around. So prepaying a mortgage can come with a big opportunity cost.

Ultimately, your mortgage rate is your rate of return. So if you voluntarily decide to prepay a 2% mortgage, you're effectively earning a 2% return. Perhaps you can do better?

Be sure you’re not missing out on an even better return elsewhere. And don’t forget that a home is an illiquid asset. That means it’s easy to put the money into it, but not so easy to get it out again.

The only way to get it out is to either sell your home, refinance the mortgage, or take out a second mortgage such as a HELOC or home equity loan.

Tip: Paying more today doesn't lower future mortgage payments!

Colin Robertson
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