Mortgage Payoff

Mortgage Payoff Calculator

Most of your early payments go almost entirely to interest, not your home. Enter your details below to see exactly where every dollar goes and how much you could save.

Loan Details
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Your Results

Mortgage Breakdown

What would happen if you paid more?

Add a recurring monthly amount, a one-time lump sum, or both. Hit Apply to see the impact on your payoff date and total interest.

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With these changes you would...

Interest Saved
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Time Saved
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New Payoff Date
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Original Payoff
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Balance Over Time

Remaining Balance

Amortization Schedule

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For informational purposes only. Not financial advice. Calculations are estimates based on the inputs provided.

Most homeowners focus on the monthly payment when they buy a house. The number that actually matters is the total interest — and for most 30 year mortgages, that number is startling. On a $350,000 loan at 7%, you'll pay over $490,000 by the time it's done. Almost half a million dollars for a house that costs $350,000.

The good news is that extra payments hit harder than most people expect. An extra $200 a month on that same loan cuts over 5 years off the payoff date and saves around $70,000 in interest. A lump sum payment early in the loan has an even bigger effect because it reduces the principal before years of interest can compound on top of it.

Common Questions

How does a mortgage payoff calculator work?
It takes your remaining balance, interest rate, and years left on the loan and calculates your monthly payment, total interest, and payoff date. It then lets you model what happens if you add extra monthly payments or make a one-time lump sum payment toward the principal.
Should I pay extra on my mortgage or invest?
It depends on your interest rate. If your mortgage rate is higher than what you'd reasonably expect to earn investing — historically around 7-10% in index funds — paying down the mortgage is the safer bet. If your rate is low, investing the difference often wins mathematically. Most people do a mix of both.
What is amortization?
Amortization is how your mortgage payments are split between principal and interest over time. Early in your loan the majority of each payment goes to interest. As your balance drops, more of each payment goes toward the actual principal. The amortization schedule shows you this breakdown month by month.
What's the difference between extra monthly payments and a lump sum?
Extra monthly payments reduce your balance gradually and consistently. A lump sum payment reduces your balance all at once, which can have a bigger immediate impact on interest since interest is calculated on your remaining balance. Both strategies save money — a lump sum just front-loads the benefit.