See how recurring extra principal and a one-time lump sum can shorten a loan and reduce total interest.
The sample values are calculated automatically. Enter your own information for a new estimate.
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Mortgage Payoff Calculator saves payoff scenarios and shows the new payoff month, time saved, interest saved, monthly schedule, and annual totals. For fully editable loan schedules, use Amortization Pro. $25 one-time purchase.
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These calculators provide mathematical estimates for education and planning. Loan agreements, lender practices, fees, taxes, payment dates, and rounding can change actual results.
From quick calculation to working file
Use the free calculator for a quick estimate. Mortgage Payoff Calculator for Windows lets you save plans, change extra-payment amounts, reopen scenarios, and print the payoff schedule.
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How the calculation works
Extra principal has a compounding benefit on a loan: the balance falls sooner, so every later interest calculation starts from a smaller amount.
A one-time payment made early usually saves more interest than the same payment made late because it affects more remaining periods.
Confirm that the lender applies extra funds to principal and does not merely advance the next due date.
Yes, when the goal is faster payoff. Confirm the payment instruction and review the next statement.
Usually the required payment stays the same on a fixed-rate loan unless the loan is formally recast.
The earlier principal is reduced, the more interest is usually saved. Compare the timing and amount with the calculator.