Electricity Cost Calculator
What an appliance costs to run per hour, day, month and year.
Mortgage Payoff Calculator
See how much time and interest an extra payment removes.
Timing matters: a lump sum in year three saves far more than the same amount in year twenty.
| Year | Interest paid | Principal paid | Balance |
|---|
Interest saved
—
Current payment—
New payment—
Time saved—
Original payoff—
New payoff—
Interest as scheduled—
Interest when overpaying—
Quick Tool Overview
The Mortgage Payoff Calculator compares two futures side by side: paying your mortgage as scheduled, and paying extra. It reports the new payoff date, the months removed from the term and the interest saved, for a monthly overpayment, an annual one, a lump sum, or all three together.
- What it does
- Shows the time and interest an overpayment removes
- You give it
- Your balance, rate, years remaining and extra payments
- You get back
- A new payoff date, months saved and interest saved
- Best for
- Deciding whether to overpay and by how much
About the Mortgage Payoff Calculator
Enter what you still owe, your rate and the years remaining, then add an extra monthly amount, a yearly amount or a one-off lump sum. The calculator compares the two payoff paths side by side: the date you would clear the loan and the interest you would pay each way.
The reason the savings look disproportionate is that a mortgage charges interest on the outstanding balance. Every extra dollar comes straight off that balance and stops accruing interest for the entire remaining term, so a payment made in year three saves far more than the same payment made in year twenty. That is also why a lump sum early beats a larger lump sum later, and why the calculator asks when a one-off payment lands rather than just how big it is.
Key features of the Mortgage Payoff Calculator
Three kinds of overpayment
Model a monthly extra, an annual extra and a one-off lump sum separately or in combination.
Timing matters, and it shows it
A lump sum in year three saves far more than the same sum in year twenty, so the calculator asks when it lands.
Side-by-side comparison
The original schedule and the accelerated one are reported together, not one replacing the other.
Payoff date, not just months
A calendar date is easier to act on than a count of payments.
Works from your current balance
Start from what you owe today rather than re-entering the original loan.
How to use the Mortgage Payoff Calculator
-
1
Enter your current balance
The amount still outstanding, not the original loan, plus the rate you are paying now.
-
2
Set the years remaining
How long is left on the term. The calculator derives your current payment from this.
-
3
Add your extra payments
A monthly amount, an annual amount, a one-off lump sum, or any combination of the three.
-
4
Compare the two paths
Read the time saved and interest saved, and the new payoff date next to the original one.
Frequently asked questions
Financially it depends on your rate against what the money would earn elsewhere. At a high mortgage rate, prepaying is a guaranteed risk-free return equal to that rate, which is hard to beat. At a low rate, investing the difference may come out ahead.
Usually not. On most mortgages an overpayment shortens the term instead, leaving the payment unchanged. Some lenders will recast the loan to lower the payment if you ask and pay a fee.
Whichever gets money onto the balance sooner. A lump sum paid today beats the same amount spread over a year, and both beat waiting. The calculator lets you model all three so you can see the gap.
Most fixed mortgages allow overpayments, but some carry early repayment charges or annual limits, often a percentage of the balance. Check your agreement before making a large lump sum payment.
Reviews of the Mortgage Payoff Calculator
What people who use the Mortgage Payoff Calculator think of it. Reviews come from visitors and are posted as written.
No ratings yet
Yours would be the first.
- 5 0 reviews rated 5 stars
- 4 0 reviews rated 4 stars
- 3 0 reviews rated 3 stars
- 2 0 reviews rated 2 stars
- 1 0 reviews rated 1 star
0 reviews
Newest first
No reviews yet
Be the first to rate the Mortgage Payoff Calculator. It takes half a minute and no account.
Write the first reviewMore calculators
Heat Index Calculator
Apparent temperature from heat and humidity, with risk levels.
Take-Home-Paycheck Calculator
What actually lands in your account after every deduction.
Scientific Notation Calculator
Convert to and from scientific, E and engineering notation.
Marriage Tax Calculator
Whether marrying costs you tax or saves you tax.
Factor Calculator
Every factor of a number, in pairs, with prime factors marked.
Square Root Calculator
Square roots, cube roots and any nth root, exact or decimal.
TDEE Calculator
Total daily energy expenditure across every activity level.