Financial
Mortgage Payoff Calculator
See how extra monthly payments shrink your payoff time and interest.
Inputs
Mortgage Payoff Calculator
Result
Interest saved
$97,691.10
- Payoff time (current)
- 30y 1m
- Total interest (current)
- $318,989.13
- Payoff time (with extra)
- 22y 1m
- Total interest (with extra)
- $221,298.04
- Interest saved
- $97,691.10
- Time saved
- 8y 0m
How it's calculated
Iterate: interest = balance × r; principal = payment − interest; balance −= principal
Common questions
Are extra payments always worth it?
If your mortgage rate exceeds your expected after-tax investment return, extra principal payments are effectively a risk-free return at your loan rate.
Should I refinance instead?
Refinancing lowers the rate on the whole balance; extra payments shorten the term. They're complementary, not substitutes.
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