Mortgage payoff calculator with extra payments
See the difference an extra payment could make. Explore your payoff timeline and interest with a recurring payment toward principal.
Your current mortgage
Change the numbers to explore your scenario.
25 yr remaining
Applied to principal each month, starting now.
Example inputs are illustrative and are not a rate quote.
Monthly payment with extra principal
$2,410.66 to the nearest cent
Your balance over time
- Loan amount
- $320,000
- Total interest
- $246,514
- Time to pay off
- 19 yr 8 mo
Estimates assume a fixed interest rate, monthly payments, and extra payments applied directly to principal. Lender rounding, payment dates, fees, and loan terms can change your actual costs. This is a planning estimate, not a loan offer.
Explore a recurring extra payment
Use your current balance, interest rate, and remaining term to model the loan from today. Then enter an extra amount to pay toward principal each month. The chart compares the original schedule with your extra-payment scenario.
How the estimate works
For a fixed-rate loan, the monthly principal and interest payment is calculated using:
M = P × r / (1 − (1 + r)−n)P is the starting balance, r is the annual interest rate divided by 12 (as a decimal), and n is the number of monthly payments. At 0% interest, the payment is the balance divided by the number of months.
Assumptions to keep in mind
Extra payments start with the next payment and continue every month until payoff. The model derives your regular principal and interest payment from the balance, rate, and remaining term; your actual payment may differ if the loan was previously modified. Taxes, insurance, fees, and prepayment penalties are excluded.
Calculations retain full precision internally; displayed amounts and CSV values are rounded to cents. Your servicer’s rounding and payment timing can produce small differences.
CFPB: How paying down a mortgage worksGood questions to ask
How are extra payments applied?
In this calculator, every extra dollar reduces principal after the regular monthly payment. Confirm with your servicer how to designate additional funds for principal and whether your loan has any applicable prepayment terms.
Does the result include my escrow payment?
No. This tool models principal and interest. Taxes, insurance, and other housing costs are separate and may continue even after a mortgage is paid off.
Why is the final payment smaller?
The schedule caps the last payment at the remaining principal plus that month’s interest. It never applies more extra principal than the balance still owed.
Can I model an occasional lump sum here?
This tool applies the same extra amount every month. To explore a one-time principal payment, use the recast calculator and select its lump-sum-only scenario.