Mortgage Payoff Calculator

Clear Payoff, Clear Future

Input Area

Mortgage Amount

Interest Rate

Monthly Extra Payment

Remaining term

Year

First Payment Month

Enable One-Time Payment

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Calculate Result

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Monthly Payment

0 Months

Expected Payoff Time

$ 0

Total Interests

$ 0

Total Principal

$ 0

Total Payment

$ 0

Total Interest Savings

Calculate Result

$ 0

Monthly Payment

0 Months

Expected Payoff Time

$ 0

Total Interests

$ 0

Total Principal

$ 0

Total Payment

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Total Interest Savings

Payoff Schedule (Amortization Schedule)

Payment Month	Interest Paid	Principal Paid	Total Payment	Remaining Balance

This payoff schedule, also known as an amortization schedule, shows the breakdown of each monthly payment into interest, principal, and remaining balance.

How the Mortgage Payoff Calculator Works (FAQ)

What Is a Mortgage Payoff?

A mortgage payoff means fully repaying your home loan balance, either by following the original loan schedule or by paying extra to finish earlier. This free mortgage payoff calculator helps you estimate your monthly mortgage payment, total interest cost, and how much faster you can pay off your loan if you add extra monthly payments.

How Is the Monthly Payment Calculated?

The base monthly payment is calculated using the standard amortization formula:

A = (P × r × (1+r)ⁿ) / ((1+r)ⁿ − 1)

P = Loan Amount (Principal)
r = Monthly Interest Rate (Annual Rate ÷ 12)
n = Total Number of Payments (Loan Term × 12)
A = Fixed Monthly Payment

👉 One-time payments reduce the outstanding principal directly. This means future interest is calculated on a smaller balance, shortening the payoff schedule and lowering total interest costs.

How Do Extra Monthly Payments Affect Payoff?

By entering an extra monthly payment in the calculator, you can:

Reduce Total Interest Paid: Extra payments lower the outstanding balance faster, so less interest accrues.
Shorten the Mortgage Payoff Time: Even a small extra monthly payment can cut years off your loan term.
Stay Flexible: You still make the same regular monthly mortgage payment, but add a little more each month.

This calculator currently supports extra monthly payments only, not one-time lump-sum payments.

What Insights Can I Get From the Mortgage Payoff Calculator?

Monthly Mortgage Payment: How much you must pay each month under standard amortization.
Total Interest: The full cost of borrowing over the life of the loan, adjusted if extra or one-time payments are made.
Total Payments: Principal + Interest, recalculated when extra or one-time payments are applied.
Payoff Schedule: A month-by-month breakdown showing how the balance decreases over time, including the effect of extra or one-time payments.
Interest Savings: How much less you pay if you add extra monthly payments or make one-time lump-sum payments.

How to pay off a mortgage faster?

You can pay off a mortgage faster by making consistent extra monthly payments, refinancing to a shorter term loan, or making one-time additional payments when possible.

Even small extra contributions each month can cut years off your loan term and save thousands in interest.

Does making extra payments reduce interest?

Yes. Extra payments go directly toward the principal, which reduces the balance faster.

Since interest is calculated on the remaining balance, lowering it early means less total interest is charged over the life of the loan.

What is a one-time mortgage payment and how does it affect my loan?

A one-time mortgage payment, also called a lump-sum payment, is an extra payment you make toward your mortgage in addition to the regular monthly payments.

This extra payment goes directly to reducing the loan principal, which means your balance decreases faster.

By lowering the principal earlier, a one-time mortgage payment helps you pay off your loan sooner and significantly reduce the total interest charged over the life of the mortgage.

Homeowners often make a lump-sum mortgage payment after receiving a bonus, tax refund, or selling an asset, using the extra money to cut down debt faster.

Disclaimer

This mortgage payoff calculator provides an estimate based on standard amortization with optional extra monthly payments. Actual results may vary depending on lender policies, fees, taxes, and insurance.