Mortgage Payoff Calculator
Find your exact mortgage payoff date and see how extra payments accelerate your path to owning your home free and clear.
Compare different extra payment amounts on your $280,000 balance at 6.75%.
A recast applies a lump sum to lower your balance, then re-amortizes at a lower monthly payment (same term). Extra payments keep the same payment but pay off faster. Which is better?
How to Use This Mortgage Payoff Calculator
Enter your Current Balance from your most recent mortgage statement. Enter your Interest Rate and current Monthly Payment (principal + interest portion only — not taxes or insurance). The calculator will project your exact payoff date.
Add an Extra Monthly Payment to see your accelerated payoff date and interest savings. Use More options to enter a one-time lump-sum payment applied immediately to your principal.
Using Your Mortgage Statement
Your monthly statement shows: current principal balance, your interest rate, and your payment breakdown. Use the principal balance (not original loan amount) for the most accurate payoff projection.
Payoff Calculation Method
Interest = Balance × (Annual Rate ÷ 12)
Principal Paid = Total Payment − Interest
New Balance = Previous Balance − Principal Paid
Payoff occurs when Balance reaches $0.
With extra payments:
New Balance = Previous Balance − (Regular Principal + Extra)
Fewer months until balance = $0
The key insight: when you make extra principal payments, every subsequent month's interest charge is slightly lower, which means more of your regular payment goes to principal — creating a compounding acceleration effect.
Example: Current vs. Accelerated Payoff
Tom's Mortgage — Current Status
| Current Balance | $245,000 |
| Interest Rate | 5.875% |
| Monthly Payment | $1,698 |
| Current Payoff Date | December 2048 (23 years) |
| Remaining Interest | $223,000 |
With $300 Extra Per Month
| New Monthly Total | $1,998 |
| New Payoff Date | November 2040 (15 years) |
| Time Saved | 8 years |
| Interest Saved | ~$78,000 |
By paying $300 extra monthly, Tom saves $78,000 in interest and owns his home 8 years sooner. The total extra paid is $300 × 180 months = $54,000 — a strong return.