Mortgage Payoff Calculator
Enter your remaining mortgage balance, interest rate, and monthly payment to see how much extra payments could save you in interest and time.
Months Saved
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Estimated Interest Saved ($)—
About this calculator
Calculate how much faster you can pay off your mortgage and how much interest you'll save by adding extra monthly payments.
Frequently Asked Questions
How does extra payment reduce my mortgage term?
Extra payments go directly toward your principal balance, which reduces the amount of interest that accrues and shortens the overall loan term.
Is this calculator accurate for all loan types?
This calculator assumes a standard fixed-rate amortizing loan. Adjustable-rate or interest-only loans may produce different results.
Should I pay extra on my mortgage or invest instead?
It depends on your mortgage rate versus expected investment returns, risk tolerance, and financial goals. Consult a financial advisor for personalized advice.