Mortgage Payoff Calculator
Know the day your mortgage actually ends. Enter what you owe, your rate and what you can pay extra each month — get the payoff date, total interest, and how much sooner you are free.
Mortgage payoff calculator inputs
Your regular monthly payment would be about $2,161. Tap Calculate payoff to see the end date.
- Compare today's refinance rates — see if a lower rate beats paying extra.
- Refinance with no closing costs — keep cash in hand instead of paying points.
- Track your payoff progress in an app — make the extra payment stick.
How it works
The scheduled payment comes from the standard amortizing formula: payment = B × r ÷ (1 − (1 + r)^−n), where B is the balance, r is the monthly rate (annual rate ÷ 12) and n is the number of months left.
The payoff date comes from inverting that formula — payments left = −ln(1 − r·B ÷ P) ÷ ln(1 + r) — where P is the regular payment plus anything extra. If the payment barely covers the interest there is no solution, and the calculator says so rather than printing a nonsense date.
Extra money is treated as principal. It never earns interest, so it cuts next month's interest charge as well as the balance — that is why the saving compounds over the term.
Biweekly mode pays half the monthly payment every two weeks: 26 payments a year, about 13 monthly equivalents, roughly 8% more paid each year. The periodic rate is the annual rate ÷ 26, which is an approximation — real servicers differ on accrual and posting dates.
Left out on purpose: property tax, homeowners insurance, mortgage insurance, escrow changes and servicer fees. Compare the result with the principal-and-interest line on your statement, not the total you pay.
Example
$320,000 balance · 6.5% rate · 25 years left · $200 extra a month
- Scheduled payment: $2,161 a month — $1,733 of the first one is interest, $427 principal.
- Payoff date: February 2047, which is 4 yr 7 mo sooner than staying on schedule (dates count from the current month).
- Total interest: $259,116 instead of $328,199 — a saving of $69,083.
- Switch the same loan to biweekly with the same extra money and it ends February 2044, saving $112,837.
Worked example using the figures above — an illustration, not financial advice. Your loan documents decide the real numbers.
What this actually solves
Most people look at a mortgage balance and have no idea what it means in time. The statement says $318,400 — it does not say “that is 19 more years and $96,000 of interest if nothing changes.” It certainly does not answer the question you actually have: if I squeeze out another $100 or $200 a month, does it even matter?
It does — but only if the extra money hits the principal. Then every dollar you add skips the interest line, so the loan shrinks faster than the original schedule expects. That is the whole trick, and why a payoff calculator beats guessing.
Use it before you refinance, before you sell, and before you decide where this year’s bonus goes. Formula used: payments left = −ln(1 − r·B/P) ÷ ln(1 + r).
Three steps
- 1Enter balance and rate
Copy both from your latest statement. Skip escrow.
- 2Add what you can really pay
Or switch to biweekly and see the 13-payments effect.
- 3Read your payoff date
Total interest and savings update instantly, on your device.
FAQs
How do I calculate my mortgage payoff?
Multiply the balance by the yearly rate divided by 12 to get one month of interest, subtract that from your payment to see how much principal you actually paid, then repeat until the balance hits zero. A fixed extra payment each month shortens the term and cuts total interest.
Is the payoff amount the same as my balance?
No. The payoff amount is the balance plus interest that keeps accruing until the funds clear, usually quoted with a daily per-diem figure.
How much does an extra $100 a month really save?
On a $300,000 balance at 6.5% with 30 years left, an extra $100 a month takes about four years off the loan and saves roughly $61,000 in interest, as long as it is applied to principal.
What is the formula for a mortgage payoff with extra payments?
Payments left = -ln(1 - r * B / P) / ln(1 + r), where B is the balance, r is the periodic interest rate and P is your regular payment plus the extra payment.
Is it better to refinance or make extra payments?
Refinance when the rate drop pays back your closing costs before your break-even month. Extra payments are usually better if you are staying put and want to avoid new fees.
Do extra payments have to go to principal?
Yes. Money applied to principal reduces the balance interest is charged on. Money held in a suspense account saves little or nothing.
What is a mortgage recast, and is it better than paying extra?
A recast re-amortizes the loan after a lump sum, so the monthly payment drops but the end date stays put. Extra payments shorten the end date and usually save more interest.
Does biweekly payment really pay off a mortgage faster?
Yes, mainly because 26 half-payments equal 13 full monthly payments a year, roughly one extra payment annually.
What is per-diem interest, and why does my payoff total change daily?
Per-diem is the interest the loan accrues each day, so every day of delay adds that amount to the payoff quote.
Can I use this for an interest-only or jumbo loan?
Yes for the balance, rate and payment maths. Interest-only periods and balloon payments need a full amortization schedule for an exact end date.
Related calculators
- Amortization CalculatorSee every payment split between interest and principal.
- Refinance Break-Even CalculatorHow many months until a new rate pays off?
- How Much House Can I Afford?Work the other direction, from income to budget.
- Mortgage Recast CalculatorLump sum in, lower monthly payment out.
- Property Tax CalculatorTurn an assessed value into a monthly number.
Last updated October 4, 2026. Every figure is an estimate produced in your browser — see the methodology and its limits.