Mortgage payoff calculator
Payoff time with the extra payment
- Payoff without the extra
- 25 yr 2 mo
- Months saved
- 80 mo
- Interest without the extra
- $235,491
- Interest saved
- $72,193
- Payoff time with the extra payment
- 18 yr 6 mo
Principal and interest only. Property tax, insurance and any escrow are excluded because they do not reduce the loan.
Want that payoff date sooner? Check a shorter term
A lender can price a 15- or 20-year term against your current loan so you can compare the real numbers, not an estimate.
Get matched with a lenderTakes about a minute. We match you with vetted pros in your area.
The short answer
Enter your remaining balance, rate and monthly principal-and-interest payment, then add an extra amount. The calculator shows your new payoff date, the months saved and the interest you avoid by overpaying.
Today's best 30-year fixed mortgage rates
Rates shown are indicative national averages. Your own rate depends on credit score, down payment, loan size and location — a lender quote is the only number that binds.
| Loan type | Interest rate | APR | What it means |
|---|---|---|---|
| 30-year fixed | 6.42% | 6.55% | Lowest monthly payment, most interest paid overall |
| 20-year fixed | 6.18% | 6.33% | Middle ground on payment and total interest |
| 15-year fixed | 5.61% | 5.79% | Highest payment, far less interest |
| FHA 30-year fixed | 6.12% | 7.03% | Lower credit score bar, mortgage insurance applies |
| VA 30-year fixed | 5.98% | 6.24% | Eligible service members, usually no down payment |
| 5/1 ARM | 6.05% | 7.11% | Fixed for five years, then adjusts |
Why overpaying early matters most
In the first years of a mortgage most of each payment is interest, so an extra payment removes principal that would otherwise have been charged interest for decades. The same extra payment in year 25 saves very little.
Check these before you overpay
Clear higher-rate consumer debt first — the mortgage is usually your cheapest borrowing.
Fund an emergency buffer: money paid into a house is hard to get back out.
Ask the lender to apply extra payments to principal and confirm there is no prepayment penalty.
Compare the guaranteed saving with the return you would expect from investing instead.
The formula
Each month: interest = balance x rate / 12; balance = balance + interest - (payment + extra). Repeat until cleared.
FAQ
How to use the online mortgage calculator
Enter the home price, down payment, interest rate, and repayment term to estimate principal and interest. Mortgage amortization directs more of an early payment toward interest and more of a later payment toward principal. A complete housing estimate may also need property taxes, homeowners insurance, association dues, mortgage insurance, and escrow deposits, none of which are necessarily included in a basic calculator result.
A first time home buyer should compare the estimate with a lender’s official loan disclosure. A conventional loan may have different down-payment, credit, and mortgage-insurance requirements from government-backed financing. A debt to income ratio calculator can provide additional context by comparing required monthly debts with gross income. Preapproval is still conditional, and the final payment can change with the selected property, rate, taxes, insurance, and closing terms.
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