Mortgage Payoff Calculator

Any amount you pay above your scheduled payment goes straight to the principal. A smaller principal accrues less interest each month, so more of every future payment then attacks the balance — compounding the effect and shortening the term.

An extra monthly payment is added to every payment for the rest of the loan, steadily accelerating the payoff. A one-time payment is a single lump sum applied to the principal now. This calculator lets you combine both and shows the total interest and time saved.

On interest, yes — a lower balance always means less interest paid over the life of the loan. Whether it is the best use of the money is a separate question: compare the guaranteed interest saved against returns you could earn elsewhere, and check whether your loan has prepayment penalties.

They are estimates. The calculator assumes a fixed interest rate and on-time payments throughout, and it covers only principal and interest — not taxes, insurance, escrow, or fees. Use it to compare scenarios, then confirm specifics with your lender.