Free money calculator
Estimate how long a mortgage will take to repay and how extra monthly payments change the payoff date and interest.
Estimated result
Enter your details and calculate.
Educational estimate only. Confirm costs and terms with the relevant lender, tax professional, or financial professional.
How this calculator works
The payoff calculation solves the amortization equation for the number of remaining monthly payments. The payment must be greater than the monthly interest charge or the balance will not decline.
Worked example
On a $250,000 balance at 5.5%, increasing a $1,600 payment by $200 shortens the repayment period and reduces total interest.
Frequently asked questions
Does the payment include escrow?
Enter only principal and interest. Taxes, insurance, and HOA payments do not reduce the loan balance.
What if my payment is too low?
The calculator will explain that the payment does not cover monthly interest.
Are prepayment penalties included?
No. Check your loan documents before making extra payments.