Mortgage Payoff Calculator

Current Mortgage Information

Current Balance ($)

Annual Interest Rate (%)

Current Monthly Payment ($)

Last Payment Date

Extra Payment Options

Monthly Extra Payment ($)

One-Time Extra Payment ($)

One-Time Payment Date

Original Schedule

Payoff Date

Total Interest

With Extra Payments

New Payoff Date

New Total Interest

Interest Savings

Time Saved

Payment Schedule

Date	Payment	Extra Payment	Principal	Interest	Balance

About Mortgage Payoff

Making extra payments on your mortgage can significantly reduce your loan term and save you thousands in interest. This calculator helps you understand the impact of different extra payment strategies.

Extra Payment Strategies

Monthly Extra Payments: Add a fixed amount to your regular monthly payment
One-Time Extra Payment: Make a lump sum payment at any time
Combination: Use both strategies for maximum impact

Benefits of Early Payoff

Reduce total interest paid over the life of the loan
Build equity faster
Become mortgage-free sooner
Increase financial flexibility in retirement

Important Considerations

Check if your mortgage has prepayment penalties
Consider the opportunity cost of extra payments vs. other investments
Ensure you maintain an emergency fund before making extra payments
Confirm that extra payments are applied to principal