Mortgage Payoff Calculator with Extra Payments
Start from the balance you owe today. Add an extra monthly payment or a one-time principal payment to see the earlier payoff and the interest it saves.
Balance with and without the extra payment
Payoff schedule
| Year | Principal | Interest | Extra | Balance |
|---|---|---|---|---|
| 1 | $7,096 | $17,991 | $2,400 | $272,904 |
| 2 | $7,571 | $17,516 | $2,400 | $265,333 |
| 3 | $8,078 | $17,009 | $2,400 | $257,255 |
| 4 | $8,619 | $16,468 | $2,400 | $248,636 |
| 5 | $9,196 | $15,891 | $2,400 | $239,439 |
| 6 | $9,812 | $15,275 | $2,400 | $229,627 |
| 7 | $10,469 | $14,617 | $2,400 | $219,157 |
| 8 | $11,171 | $13,916 | $2,400 | $207,987 |
| 9 | $11,919 | $13,168 | $2,400 | $196,068 |
| 10 | $12,717 | $12,370 | $2,400 | $183,351 |
| 11 | $13,569 | $11,518 | $2,400 | $169,783 |
| 12 | $14,477 | $10,610 | $2,400 | $155,305 |
| 13 | $15,447 | $9,640 | $2,400 | $139,858 |
| 14 | $16,481 | $8,606 | $2,400 | $123,377 |
| 15 | $17,585 | $7,502 | $2,400 | $105,792 |
| 16 | $18,763 | $6,324 | $2,400 | $87,029 |
| 17 | $20,020 | $5,067 | $2,400 | $67,009 |
| 18 | $21,360 | $3,727 | $2,400 | $45,649 |
| 19 | $22,791 | $2,296 | $2,400 | $22,858 |
| 20 | $22,858 | $770 | $2,200 | $0 |
How to pay a mortgage off early
Enter the principal balance from your latest statement, the note rate, and the years left on the loan. The required payment is the fully amortizing payment for that remaining term. Your actual statement payment can be higher because of escrow. Extra principal should be calculated on top of principal and interest, not on top of taxes and insurance.
With the defaults, an extra $200 each month on a $280,000 balance at 6.5% saves $66,894 of interest and finishes 5 years earlier. A one-time payment does the same job immediately. The monthly payment is not lowered.
If the goal is a smaller required payment instead of an earlier payoff, use the mortgage recast calculator. To price a new purchase, use the mortgage payment calculator.
Common questions
Does an extra mortgage payment go to principal?
This calculator assumes it does. Some servicers hold extra money for the next payment unless you mark it as a principal reduction. The interest savings only happen when the balance falls immediately.
Is a lump sum or a higher monthly payment better?
A lump sum reduces interest starting this month. A higher monthly payment reduces interest gradually. Both are principal reductions. The comparison on this page uses the same rate and remaining term so you can see the combined effect.
Will extra payments change my required monthly payment?
Not on a standard fixed-rate mortgage. The required payment stays the same and the loan ends sooner. Lowering the required payment after a lump sum is a recast, which is a separate request to the lender.