How much extra can you pay each month?
The extra amount you plan to pay each month in addition to your regular mortgage payment.
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Mortgage Payoff Calculator
How to Calculate Mortgage Payoff
Figuring out your mortgage payoff doesn’t have to feel complicated. You should start with your current loan balance, then add any interest that has built up since your last payment and any fees that may apply.
Since mortgage interest can change a little from day to day, your payoff amount may depend on the date you plan to pay it off. Making extra payments toward your principal can help you chip away at your balance faster, save on interest, and maybe even pay off your home sooner.
Mortgage Payoff Definitions
Months remaining on mortgage
The number of monthly payments you have left on your mortgage.
Original mortgage length
The full length of your mortgage when the loan began, shown in months.
Original mortgage amount
The amount you originally borrowed.
Original mortgage rate
The interest rate on your original mortgage.
Current loan balance
The amount you still owe on your mortgage today, not including future interest.
Monthly payment (principal & interest)
The portion of your payment that goes toward your loan balance and interest. This does not include taxes or insurance.
Principal
The amount you borrowed to purchase your home, or the remaining balance you still need to repay.
Interest
The cost of borrowing money, calculated based on your loan balance and interest rate.
Amortization
The process of paying off your loan over time through regular payments. Early in your loan, more goes toward interest. Over time, more goes toward your balance.
Interest savings
The amount of interest you can avoid paying over the life of your loan by making extra payments.
Time saved
The reduction in your loan term when you make additional payments toward your mortgage.
Payoff amount
The total amount needed to pay off your mortgage in full on a specific date. This may be slightly higher than your current balance due to accrued interest.
Extra payment impact
How additional payments affect your loan, including lowering your balance, reducing interest paid, and helping you pay off your loan sooner.
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Disclosures
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.