Mortgage Payoff Calculator
See when your current mortgage will be paid off and how much sooner you'd be free with extra monthly payments.
By Onias Derilus, Mortgage Capital · NMLS# 1859012 · Last Updated: June 2026
Shows how an extra monthly amount accelerates the payoff of your current balance. Confirm extra funds apply to principal and there is no prepayment penalty. Estimate only.
Once you are partway through a mortgage, this tool projects when it pays off based on your remaining balance, rate, and years left. It then shows how adding extra each month moves that date closer.
Unlike a new-loan calculator, this starts from where you are today, which is the realistic view for an existing homeowner planning an early payoff.
How to Use This Calculator
- 1
Enter your current remaining balance, not the original loan amount.
- 2
Enter your interest rate and the years remaining on the loan.
- 3
Add an extra monthly amount you could put toward principal.
- 4
Read the new payoff timeline, the time saved, and the interest you avoid.
The Formula & Assumptions
Base payment = P&I on the balance
over the remaining term
Each month at base + extra:
balance += balance × rate ÷ 12
balance −= payment
until balance reaches zero
We derive your principal-and-interest payment from the current balance and remaining term, then simulate the loan with your extra payment added until the balance hits zero.
The interest saved is the difference between staying on the current schedule and the accelerated payoff. The earlier in the loan you add extra, the more interest you avoid.
Confirm your servicer applies extra payments to principal and that your loan has no prepayment penalty. Most conforming and government loans do not, but some non-QM and investor loans do.
Frequently Asked Questions
How do I find out when my mortgage pays off?
Enter your current balance, interest rate, and the years remaining. The calculator projects the payoff date and shows how extra payments move it earlier.
How much does an extra payment shorten my loan?
It depends on your balance, rate, and how early you start. Even a few hundred dollars a month can cut years off a mortgage and save tens of thousands in interest, especially earlier in the term.
Should I pay off my mortgage early or invest?
Paying down the mortgage is a guaranteed return equal to your rate, while investing carries risk and potential upside. The right choice depends on your rate, tax situation, and goals — consider both with a financial professional.
Will extra payments lower my monthly payment?
No. Extra principal shortens the loan term rather than reducing the required monthly payment. If you want a lower required payment, you would need to refinance or request a loan recast.
Ready to Turn Your Estimate Into a Real Pre-Approval?
Get a personalized rate quote and pre-approval from a licensed Florida mortgage broker — no obligation.
Rates are illustrative only. APR and payments vary by credit score, loan amount, and market conditions. Subject to credit approval. Not a commitment to lend. NMLS# 1859012. Equal Housing Lender.