Mortgage Payoff Calculator
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What is a Mortgage Payoff Calculator?
A mortgage payoff calculator is a tool that helps you understand how long it will take to pay off your home loan and how much interest you’ll pay over time. It’s especially useful if you’re thinking about making extra payments to pay off your mortgage faster.
It gives you a clear picture of how your loan works, how much time is left, and how much money you could save if you pay a little more each month (or week).
How Do You Calculate Mortgage Payoff?
To calculate when you’ll pay off your mortgage, we look at a few important things:
- Your loan amount – how much you borrowed for your home
- The interest rate – how much the bank charges you to borrow
- The loan term – how long you agreed to pay the loan (like 30 years)
- Time left on the loan – how many years you still have to go
- Payment frequency – how often you make payments (monthly, bi-weekly, etc.)
- Extra payments – any additional money you put toward the loan
The calculator compares two paths:
- What happens if you stick to your current schedule.
- What changes if you add extra payments regularly.
This helps you see how much faster you can pay off your loan and how much interest you can save.
Mortgage Terms Explained
- Mortgage Amount: The total money you borrowed to buy your home.
- Annual Interest Rate: The yearly percentage the lender charges you on the loan.
- Original Term: How many years you planned to take to pay off the loan (like 30 years).
- Years Remaining: How many years are left on your mortgage right now.
- Extra Payment Each Period: Any extra money you choose to pay toward your loan each time. Even small amounts can make a big difference!
- Payment Frequency: How often you make payments—monthly, twice a month, every two weeks, or every week.