Tool 03 of 10

Mortgage Payoff & Extra Payment Calculator

ReviewedLast reviewed Oct 2026 · Educational formulas

See how extra monthly payments shorten your mortgage and reduce interest.

Inputs

Applied directly to principal every month.

Results

Enter your values and press Calculate. Results update live after the first calculation.

How it works

First we compute your standard principal-and-interest payment for the remaining term using the annuity formula. Then we simulate the loan month by month twice: once with the standard payment, and once with your extra amount added to principal.

Because extra payments reduce the balance sooner, less interest accrues each following month. Taxes, insurance, escrow and prepayment penalties are not included.

Estimates for educational purposes only. Results are approximations and not financial advice. See the disclaimer.