Mortgage Payoff Calculator: Pay Off Your Mortgage Early
Find out how soon your mortgage is paid off at a given monthly payment, and how much interest a larger payment cuts from a decades-long loan.
Adjust the inputs and select Calculate for a full breakdown.
Year-by-year payoff schedule
Compare Common Scenarios
How the numbers shift across typical situations for this calculator:
| Scenario | Time to pay off | Total interest | Total paid |
|---|---|---|---|
| $220k · 6.5% · $1,800/mo | 16y 9m | $141,469.87 | $361,469.87 |
| $150k · 6.0% · $1,400/mo | 12y 10m | $65,368.56 | $215,368.56 |
| $350k · 7.0% · $2,600/mo | 22y 1m | $337,646.75 | $687,646.75 |
| $90k · 5.5% · $1,100/mo | 8y 7m | $23,059.61 | $113,059.61 |
How This Calculator Works
Enter the remaining mortgage balance, the interest rate, and the monthly amount you put toward principal and interest. The calculator runs the loan forward month by month until the balance is gone, reporting the payoff date and total interest. Increase the payment to see the effect of overpaying.
The Formula
Debt Payoff Time
B = balance, P = fixed monthly payment, r = monthly rate (APR ÷ 12), n = months to clear
Worked Example
A $220,000 mortgage balance at 6.5% paid at $1,800 a month is cleared in 201 months — about 16 years and 9 months. Interest over that time comes to roughly $141,470, far more than most homeowners expect.
Key Insight
Mortgage interest is front-loaded, so early extra payments are extraordinarily powerful — each one removes years of future interest. Even one extra payment a year can cut a 30-year mortgage by several years.
Frequently Asked Questions
What payment should I enter?
Enter only the principal-and-interest portion. Property tax and insurance held in escrow are not part of the loan balance and should be left out.
How do extra payments help so much?
Early in a mortgage most of each payment is interest. An extra payment goes entirely to principal, removing all the future interest that principal would have generated.
Should I pay off my mortgage early?
It depends. Compare the mortgage rate against what the same money could earn invested, and weigh the guaranteed interest saving against keeping cash liquid.
Does this include escrow?
No. The calculator works on the loan balance only. Taxes and insurance are real costs but do not affect how fast the mortgage principal is repaid.
What balance should I use?
Use the current payoff balance from your lender, not the original loan amount, so the payoff date is measured from today.
Related Calculators
Data Sources & Benchmarks
This calculator draws on 3 independent, dated sources. The starting values for interest rate are taken from the benchmarks below and refresh whenever the snapshots are updated.
Methodology & Review
The payoff is simulated month by month from the current balance using the principal-and-interest payment. Escrowed taxes and insurance are excluded because they do not affect how fast the loan principal is repaid.
Written by Ugo Candido · Last updated May 17, 2026.