United States · Federal·Updated for 2026·Figures in USD · fixed-rate loans
Mortgage Payoff Calculator
Find out when your mortgage will be paid off at the payment you make today, how much interest is left, and what paying extra would change. Or set a target year and see the extra you would need each month.
Your mortgage today
$
From your latest mortgage statement
%
$
Leave out taxes, insurance and PMI held in escrow
Pay it off faster (optional)
$
We work out the extra you would need
years
Enter your balance, rate and monthly payment. Your payoff date appears here as you type.
Calculating
Show the mathSee how this was worked outHide
Runs your balance forward month by month at your payment: interest is the balance × rate ÷ 12, rounded to the cent, and the rest of the payment (plus any extra) reduces the balance.
Last reviewed October 19, 2026. The math is the standard fixed-rate schedule; the prepayment and servicer rules are from the Consumer Financial Protection Bureau.
A worked example
A $250,000 balance at 6% with a $1,800 principal-and-interest payment. The first month's interest is $1,250.00 ($250,000 × 6% ÷ 12), so $550.00 goes to principal.
Plan
Paid off in
Interest to pay
$1,800 a month
19 years 10 months
$177,891.64
$2,100 a month ($300 extra)
15 years 2 months
$130,821.61
The extra $300 a month ends the loan 4 years 8 months sooner and saves $47,070.03.
Paying off by a target year
The extra needed each month, on top of the $1,800 payment, to clear the same $250,000:
Paid off in
Extra each month
New monthly total
10 years
$975.51
$2,775.51
15 years
$309.64
$2,109.64
20 years
$0.00
$1,800.00
Before you pay it off early
Check your loan for a prepayment penalty before paying extra. Lenders can only charge one if you agreed to it at closing, and it usually applies to paying off the whole loan in the first three to five years (CFPB). Tell your servicer an extra payment is for principal. Federal rules require servicers to credit payments correctly (CFPB).
Enter your balance, rate and principal-and-interest payment above. For example, $250,000 at 6% with a $1,800 payment takes 19 years 10 months and $177,891.64 of interest.
How much extra do I need to pay to finish early?
On the same loan, to be done in 15 years you would pay about $309.64 more each month. Enter a target in the calculator for your own figure.
What payment should I enter?
The principal-and-interest part only, from your mortgage statement. Money held in escrow for taxes and insurance does not pay down the loan.
Is this the same as my payoff amount?
No. To close the loan on a set date, your servicer gives you a payoff statement with the balance plus interest up to that date and any fees. This calculator shows how long the loan runs at your payment.
Should I pay off my mortgage early?
It saves interest — $47,070.03 on the example above with $300 extra a month. Whether it is right for you depends on your other debts and savings. Check your loan for a prepayment penalty before paying extra. Lenders can only charge one if you agreed to it at closing, and it usually applies to paying off the whole loan in the first three to five years (CFPB).
