AboutUS Mortgage Payoff Calculator
See how extra mortgage principal payments change your remaining payoff time and interest. Compare monthly, annual, and one-time extras with a baseline schedule, then export your amortization table privately in your browser.
Your estimated payoff with extra payments
22 years, 4 months
Interest saved
$38,719.02
Time saved
32 months
| Projection | Baseline | With extras |
|---|---|---|
| Payoff duration | 25 years | 22 years, 4 months |
| Interest remaining | $307,686.45 | $268,967.42 |
| Total principal + interest | $607,686.45 | $568,967.42 |
Assumptions used
Balance $300,000.00 · fixed rate 6.5% · entered remaining term 25 years.
Scheduled monthly principal and interest: $2,025.62 (calculated from your term).
Extras: $100.00 monthly; $0.00 at month 12 and every 12 months after; $0.00 once at month 1. Extras after payoff have no effect.
Watch your balance decline
Dashed: baseline. Solid: extra payments. The table below provides the monthly values.
Monthly amortization schedule
268 payments · Principal $300,000.00 · Interest $268,967.42 · Total $568,967.42. Displayed cells round independently to cents.
| Payment # | Opening balance | Scheduled payment | Interest | Scheduled principal | Extra principal | Total payment | Closing balance |
|---|---|---|---|---|---|---|---|
| 1 | $300,000.00 | $2,025.62 | $1,625.00 | $400.62 | $100.00 | $2,125.62 | $299,499.38 |
| 2 | $299,499.38 | $2,025.62 | $1,622.29 | $403.33 | $100.00 | $2,125.62 | $298,996.05 |
| 3 | $298,996.05 | $2,025.62 | $1,619.56 | $406.06 | $100.00 | $2,125.62 | $298,489.99 |
| 4 | $298,489.99 | $2,025.62 | $1,616.82 | $408.80 | $100.00 | $2,125.62 | $297,981.19 |
| 5 | $297,981.19 | $2,025.62 | $1,614.06 | $411.56 | $100.00 | $2,125.62 | $297,469.63 |
| 6 | $297,469.63 | $2,025.62 | $1,611.29 | $414.33 | $100.00 | $2,125.62 | $296,955.30 |
| 7 | $296,955.30 | $2,025.62 | $1,608.51 | $417.11 | $100.00 | $2,125.62 | $296,438.19 |
| 8 | $296,438.19 | $2,025.62 | $1,605.71 | $419.91 | $100.00 | $2,125.62 | $295,918.27 |
| 9 | $295,918.27 | $2,025.62 | $1,602.89 | $422.73 | $100.00 | $2,125.62 | $295,395.54 |
| 10 | $295,395.54 | $2,025.62 | $1,600.06 | $425.56 | $100.00 | $2,125.62 | $294,869.98 |
| 11 | $294,869.98 | $2,025.62 | $1,597.21 | $428.41 | $100.00 | $2,125.62 | $294,341.57 |
| 12 | $294,341.57 | $2,025.62 | $1,594.35 | $431.27 | $100.00 | $2,125.62 | $293,810.30 |
| 13 | $293,810.30 | $2,025.62 | $1,591.47 | $434.15 | $100.00 | $2,125.62 | $293,276.15 |
| 14 | $293,276.15 | $2,025.62 | $1,588.58 | $437.04 | $100.00 | $2,125.62 | $292,739.11 |
| 15 | $292,739.11 | $2,025.62 | $1,585.67 | $439.95 | $100.00 | $2,125.62 | $292,199.16 |
| 16 | $292,199.16 | $2,025.62 | $1,582.75 | $442.88 | $100.00 | $2,125.62 | $291,656.28 |
| 17 | $291,656.28 | $2,025.62 | $1,579.80 | $445.82 | $100.00 | $2,125.62 | $291,110.46 |
| 18 | $291,110.46 | $2,025.62 | $1,576.85 | $448.77 | $100.00 | $2,125.62 | $290,561.69 |
| 19 | $290,561.69 | $2,025.62 | $1,573.88 | $451.75 | $100.00 | $2,125.62 | $290,009.94 |
| 20 | $290,009.94 | $2,025.62 | $1,570.89 | $454.73 | $100.00 | $2,125.62 | $289,455.21 |
| 21 | $289,455.21 | $2,025.62 | $1,567.88 | $457.74 | $100.00 | $2,125.62 | $288,897.47 |
| 22 | $288,897.47 | $2,025.62 | $1,564.86 | $460.76 | $100.00 | $2,125.62 | $288,336.71 |
| 23 | $288,336.71 | $2,025.62 | $1,561.82 | $463.80 | $100.00 | $2,125.62 | $287,772.91 |
| 24 | $287,772.91 | $2,025.62 | $1,558.77 | $466.85 | $100.00 | $2,125.62 | $287,206.06 |
How mortgage payoff and interest savings are calculated
The baseline is your estimated remaining payoff timeline from today’s outstanding balance, not the original mortgage origination schedule. Without a supplied payment, monthly principal and interest is B × r ÷ (1 − (1 + r)−n), where B is the current balance, r is the annual nominal rate divided by 12, and n is the remaining number of months. At 0% interest, it is B ÷ n.
Each payment month accrues interest on its opening balance. Scheduled principal and interest is applied first, followed by monthly extras, an annual extra when due, and the one-time extra when due. Extras are capped at remaining principal. The final payment is reduced to the amount owed. Internal calculations retain full precision; currency displays and CSV amounts round to cents.
Timing and limits
Payment month 1 means the next scheduled payment, not a calendar month. Annual extras beginning in month 12 occur in months 12, 24, 36, and so on; beginning in month 3 means months 3, 15, 27, and so on. A one-time extra occurs only in the selected payment month. Payments scheduled after payoff are ignored. The baseline always excludes all extras.
A supplied payment must exceed the first month’s interest and pay off the baseline within 1,200 months (100 years). Entered terms also have that limit; balance and payment amounts are limited to $1 billion and rates to 0–100%. These are calculator processing limits. No annual payment growth, variable rates, recasts, daily interest, or payment-date adjustments are modeled.
An educational fixed-rate estimate
Taxes, insurance, HOA fees, escrow, mortgage insurance, lender fees, and prepayment penalties are excluded. Your lender’s posting rules and rounding may produce different amounts. Confirm lender-specific prepayment rules and request an official payoff quote before settling a mortgage.
Read the Consumer Financial Protection Bureau’s guidance on payoff amounts versus current balances and prepayment penalties.
How to use US Mortgage Payoff Calculator
Frequently Asked Questions
How does a mortgage payoff calculator work?
It projects your remaining balance month by month at a fixed interest rate. Each month it accrues interest, applies scheduled principal and interest, then applies extra principal. Comparing this schedule with one without extras estimates time and interest saved.
How do extra mortgage payments reduce interest?
An extra principal payment lowers the balance on which future interest accrues. In this model it does not reduce that same month’s already accrued interest. Savings depend on your rate, balance, payment size, and timing.
Is it better to pay extra monthly or make a lump-sum payment?
For equal total extra principal, paying earlier generally reduces more projected interest because the balance falls sooner. Compare your actual timing in the calculator. Your cash needs, other debts, and lender rules also matter; this tool does not choose a financial strategy for you.
Does an extra mortgage payment reduce the loan term?
Extra principal usually shortens payoff when the scheduled payment stays the same. This calculator keeps that payment fixed. It does not model a mortgage recast that changes scheduled payments.
Are taxes and insurance included?
No. Payments include principal and interest only. Property taxes, homeowners insurance, HOA fees, escrow, lender fees, and mortgage insurance are excluded. Remove these amounts from a supplied monthly payment.
Is the result the same as my lender’s official payoff amount?
No. An official payoff quote can include daily interest, fees, posting adjustments, and contract-specific terms. This educational monthly estimate is not a servicing ledger or payoff quote. Confirm your lender’s principal-payment instructions and any prepayment penalties before acting.