FREE HOME DECISION TOOL

Extra Mortgage Payment Payoff Calculator

Estimate how recurring extra principal payments could change mortgage payoff time and total interest using the entered balance, rate, term, and payment schedule.

Free to useGuided field explanationsYour inputs stay on your device

YOUR NUMBERS

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Current mortgage balanceThe principal still owed on your current mortgage.

Why it matters

Balance and rate determine the interest charge; a larger balance magnifies the effect of any rate change.

Current interest rateThe annual interest percentage charged on the mortgage balance.

Why it matters

Rate and loan size work together: even a small rate change can materially move the monthly payment.

Years remainingTime left on your current amortization schedule.

years

Why it matters

Restarting with a longer term can lower payment while extending debt and increasing lifetime interest.

Actual scheduled monthly P&I (0 = estimate)The actual required monthly principal-and-interest amount on the statement. Enter 0 to estimate it from balance, rate, and remaining term.

Why it matters

Using the real scheduled payment improves payoff accuracy when the loan history differs from a fresh amortization.

Extra principal each monthAn optional amount applied directly to principal in addition to the required payment.

Why it matters

Extra principal lowers the balance sooner, which reduces later interest and can shorten the payoff.

One-time extra principalA single principal reduction applied before the recurring-payment simulation.

Why it matters

An earlier principal reduction avoids interest for more months than the same payment made later.

Additional principal once per yearExtra principal paid once every twelve months in addition to the monthly amount.

Why it matters

Annual lump sums can materially shorten payoff when applied to principal.

Months before recurring extras beginHow many months pass before the recurring extra principal begins.

months

Why it matters

Delaying extra payments reduces interest savings because the higher balance remains outstanding longer.

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CALCULATOR GUIDE

How to use the extra mortgage payment calculator

This calculator compares the scheduled mortgage path with a scenario that adds recurring principal. It shows the potential time and interest difference without changing the contractual loan terms.

Key assumptions and limitations

Extra amounts are applied to principal on the entered schedule without penalty.
The rate remains fixed and scheduled payments are made on time.
Servicer posting rules, adjustable rates, fees, and escrow changes are not modeled.

Common questions

Will every lender apply extra money to principal?

Not automatically. Confirm the servicer's instructions, posting rules, and any prepayment terms.

Should I pay the mortgage early?

That depends on liquidity, other debts, taxes, investment alternatives, loan terms, and personal priorities beyond this calculation.

Educational estimates only. Verify important home, lending, insurance, tax, and legal decisions with the appropriate qualified professionals.

Extra Mortgage Payment Payoff Calculator

Tell us what you know today.

How to use the extra mortgage payment calculator

Key assumptions and limitations

Common questions

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