Housing calculator
Mortgage Payoff Calculator
Estimate how long a current mortgage balance may take to pay off with your current principal-and-interest payment, an extra monthly amount, or a target payoff timeline.
Updated: June 10, 2026
Estimate payoff timing
Scenario comparison
Interest comparison
This insight updates after calculation.
Payoff schedule preview
| Month | Payment | Principal | Interest | Balance |
|---|
Yearly summary
How the calculation works
The calculator simulates monthly interest and payments until the balance reaches zero. It compares the current payment with a payment that includes the extra amount.
That makes this page useful for an existing mortgage where you already know the remaining balance and the current principal-and-interest payment. It is less useful if you only know the original loan amount or if your servicer applies irregular rules to extra payments.
Formula
Monthly interest = remaining balance × annual rate ÷ 12. Principal paid = monthly payment − monthly interest. The target payment uses the standard fixed-rate amortization formula.
Worked example
If the current payment is $1,500 and an extra $200 is added every month, principal falls faster, so future interest is calculated on a smaller balance.
That does not mean every extra-payment plan is equally safe for cash flow. A borrower might save interest yet still need a larger emergency buffer or more flexible budget room. That is why the schedule, target-payment result, and monthly affordability should be read together.
How to interpret the result
This page starts from an existing balance and payment. For a new mortgage payment estimate, use the mortgage payment calculator. For remaining-term extra-payment scenarios, compare the mortgage extra payment calculator.
A shorter payoff timeline is usually good, but not if it is built on a payment level you cannot maintain. The most useful read is: how much sooner payoff happens, how much interest is saved, and whether the required extra amount still fits the monthly plan.
What this estimate excludes
It excludes escrow changes, taxes, insurance, servicer payoff statement fees, recasting, refinancing, payment allocation rules, and prepayment penalties.
Mortgage statement checkpoint
Result quality checklist
- Use the current remaining balance from a recent mortgage statement.
- Use principal-and-interest payment only, not the full escrowed housing payment.
- Confirm whether the servicer applies extra money directly to principal.
- Check for recast rules, payoff-request fees, or any prepayment penalty language.
- Compare payoff acceleration with emergency-fund and refinance alternatives before committing.
Related calculators and guides
Related calculators
Compare wider debt priorities with the debt payoff calculator, review housing estimates in the housing calculators hub, and compare refinance tradeoffs with the mortgage refinance calculator.
For a plain-English walkthrough of the payoff timeline, read Mortgage Payoff Explained, compare it with Mortgage Extra Payments Explained, and use How Mortgage Payments Work if you need amortization context first.
Method and verification trail
- Method used: Monthly amortization is simulated from current balance, APR, current payment, optional extra principal, and a target payoff horizon.
- Primary source type to verify: Current mortgage statement, servicer payoff information, payment breakdown, and any mortgage note or servicing disclosure that governs extra payments.
- What to verify in real documents: Remaining balance, whether the payment entered is principal-and-interest only, how extra funds are applied, whether recasting is available, and whether any penalty or fee affects payoff.
- Scope limit: This page does not model taxes, escrow refunds, refinance alternatives, or lender-specific servicing quirks in full detail.
For site-wide methodology, review How We Calculate. For sourcing and corrections standards, review Editorial Policy.
FAQ
Is this a lender payoff quote?
No. It is a simplified educational estimate.
Why can required extra be zero?
If your current payment already meets the target payoff timeline, no extra payment is needed in the simplified model.
Before relying on this estimate
The result is an educational estimate based only on the inputs shown on this page. It can help compare assumptions and understand the formula, but it is not a recommendation, approval decision, credit counseling, legal advice, tax advice, or a guarantee.
Compare important results with official statements, disclosures, local rules, fees, and qualified professionals where needed. See How We Calculate and the Disclaimer for more context.