Mortgage Payoff Calculator
Estimate when you could pay off your mortgage, then compare how recurring extra payments or a lump-sum principal payment could change the payoff date, time remaining, and total interest.
Compare payoff savings with liquidity and loan terms
Time saved and interest saved are differences between two modeled schedules. They are most useful as a comparison of the entered base case and extra-payment pattern, not as a servicer payoff quote.
Tradeoffs to weigh
Applying cash to principal can reduce modeled future interest, but that cash may be needed for emergency reserves or higher-cost debt. Earlier principal application has a larger modeled effect because later interest starts from a lower balance.
What the model assumes
Recurring extras continue as entered and lump sums are applied at the modeled time. The calculation does not model daily interest, posting delays, prepayment charges, redraw access, or product-specific accelerated-payment rules.
Checks before relying on it
Confirm that the servicer will apply extra funds to principal, ask about limits or fees, and obtain a payoff statement when settling a balance. Keep records of instructions and posted transactions.
Continue with see amortization schedule examplescompare refinance savingscompare payoff scenariosreview amortization methodology.
How extra mortgage payments affect payoff
When an extra payment is applied to principal under the loan's terms, it reduces the balance used in later interest calculations. Servicers may have instructions, timing rules, or fees that affect how an extra payment is applied.
Assumptions and methodology
This calculator compares modeled amortization schedules using the terms and country model you select. It assumes recurring extra payments continue until payoff and applies entered lump sums according to the selected timing. It does not verify servicer application rules, prepayment penalties, or eligibility.