Mortgage Payoff Calculator

Your details

Pick "monthly payment" if you do not know how many years are left; the calculator works out the term from your payment.
The amount you still owe on the mortgage today.
Your current nominal annual interest rate.
%
Years left on the original repayment schedule.
years
A fixed amount added to every monthly payment, applied straight to principal.
A lump sum paid once every 12 months, applied to principal (e.g. a bonus or tax refund).
A single lump sum paid today and applied straight to principal.
Pay half your monthly amount every two weeks, which adds one extra full payment a year.
Instead of entering an extra amount, set a target number of years and the calculator finds the extra monthly payment needed.
Currency
Time saved
66months
Interest saved$64,928
Interest cut by25%
New payoff time234months
Original payoff time300months
Interest with strategy$191,477
Interest as scheduled$256,405
Total paid with strategy$441,477
Total paid as scheduled$506,405
Scheduled monthly payment$1,688
Interest as scheduled$256,405
Interest with strategy$191,477

By an extra 200 a month you clear the loan 5 years and 6 months sooner and save about 64,928 in interest, roughly 25% less.

  • Extra payments are applied entirely to principal, which shrinks the balance that future interest is charged on.
  • The earlier in the loan you start overpaying, the more interest you avoid, the effect is largest at the start.
  • Biweekly payments squeeze in one extra monthly payment a year without it feeling like a big change.
  • Confirm your lender applies overpayments to principal and check for any early-repayment penalties.

Next stepStack a lump sum on top of a monthly overpayment, or try solving for a target date instead.

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