Mortgage Payoff Calculator
Estimate monthly mortgage payments, total interest, and how extra payments can help you pay off your loan faster.
Results
Mortgage Payoff Calculator Example
For a loan amount of $300,000 at an annual interest rate of 4% over 30 years, the estimated monthly payment would be $1 432. By making an extra monthly payment of $200, you could pay off your mortgage in approximately 23 years and 10 months, saving a total of $165 197 in interest.
Why extra mortgage payments matter
Mortgage payments consist of both principal and interest. Early in the loan, a larger portion of each payment goes toward interest.
Making extra payments reduces the principal faster, which lowers the total interest paid and shortens the life of the loan.
Housing costs play a major role in long-term financial planning. A rent vs buy calculator can help compare housing options before committing to a mortgage.
Frequently Asked Questions
Does this calculator include taxes and insurance?▾
No. It focuses on principal and interest only. Taxes and insurance vary by lender and location.
Do extra payments reduce the principal?▾
Yes. Extra payments are applied directly to the principal balance.
How much interest can I save with extra payments?▾
Even small extra payments can save significant interest over the life of a mortgage.
Can I use this calculator for refinancing decisions?▾
Yes. It helps compare payoff timelines and total interest costs.