The Calculator App
Mortgage payoff
See how extra principal changes the payoff date on a fixed monthly loan. This is not a payoff quote from a servicer.
Feb 2050
Illustrative $320,000 loan at 6.48% for 30 years, with $200 extra each month. Original payoff Sep 2056. 6 years 7 months sooner. Interest saved $104,906.91. Not a quote. The interactive calculator replaces this summary in the browser.
How this payoff estimate is built
You enter a loan amount, a fixed rate, a term, and a first payment. Extra principal uses the same monthly mortgage schedule as the mortgage calculator. Nothing on this page looks up a rate or contacts a servicer.
Questions
What is the payoff date?
It is the month the remaining balance reaches zero on this schedule. The scheduled principal and interest is calculated for the full term you enter. Extra principal is applied after that payment, so the loan can end before the original term.
Does the monthly payment change?
The scheduled payment stays the same. An extra amount is added on top of it and goes to principal. The extra cannot be larger than the balance that remains after the scheduled principal.
How is the original date calculated?
The original date is the same loan, rate, term, and first payment with the monthly, annual, and one-time extras set to zero. The page compares that date with the date after the extras you enter.
What does this leave out?
Taxes, homeowners insurance, mortgage insurance, and closing costs are not calculated. The rate does not change, and payments are monthly. A loan servicer can apply an extra payment on a different day. This page does not request a payoff quote.