Mortgage Payoff Calculator
Find out exactly when your mortgage will be paid off and how much interest you'll save with different payment strategies. Plan your path to becoming mortgage-free.
Why Use a Mortgage Payoff Calculator?
- •See your exact payoff date with current payments
- •Calculate how extra payments affect your timeline
- •Understand total interest costs over the loan life
- •Plan for early retirement or financial goals
Calculator Inputs
- • Current loan balance
- • Interest rate (APR)
- • Monthly payment amount
- • Optional extra payment amount
Results You'll Get
- • Exact payoff date
- • Total interest paid
- • Monthly payment breakdown
- • Complete amortization schedule
Strategies to Pay Off Your Mortgage Faster
Payment Strategies
- • Make biweekly payments (26 half-payments vs 12 full)
- • Round up your payment to the nearest $100
- • Apply windfalls to principal (bonuses, tax refunds)
- • Increase payment annually with salary raises
Refinancing Options
- • Shorter loan term (15-year vs 30-year)
- • Lower interest rate refinancing
- • Cash-out refinance for debt consolidation
- • Recasting your mortgage