Mortgage Early Payoff Calculator
Shorten mortgage terms and save on interest by making extra payments. Fast, free, and fully client-side.
Calculator Inputs
Remaining Balance ($)
Interest Rate (%)
Monthly Base Payment ($)
Extra Monthly Payment ($)
Total Interest Saved ($)—
Months Saved from Term—
How the Mortgage Early Payoff Calculator Works
Calculates the interest savings and loan term reduction achieved by making extra principal payments on a residential mortgage or amortized loan.
Formula
Accelerated Balance = Previous Balance - (Regular Principal Paid + Extra Monthly Payment)
Direct principal reduction curtails future interest compounding across the remaining loan term.
Calculation Example
Contributing an extra $200 per month on a 30-year $250,000 mortgage at 6% interest can shorten the payoff schedule by over 5 years and save tens of thousands in interest.
Frequently Asked Questions
Do extra mortgage payments reduce principal immediately?
Yes, ensure your mortgage servicer applies additional payments directly to the loan principal balance rather than future scheduled payments.