Mortgage Payoff Calculator
See exactly how much time and interest you can save by adding extra payments toward your mortgage principal each month.
Time saved
96 months
What Your Result Means
Time saved shows how many months earlier you'd pay off your mortgage by adding the extra payment amount every month. Interest saved shows the total interest you'd avoid paying as a result - often a substantial amount, since extra principal payments reduce the balance interest is calculated on for every remaining month.
How It Is Calculated
Calqora simulates your loan balance month by month twice: once with just your current payment, and once with your extra payment added, tracking how many months each scenario takes to reach $0 and how much total interest accrues in each case.
Worked Example
A $250,000 balance at 6.5% with a $1,580 payment normally takes about 267 more months to pay off. Adding $200/month extra cuts that to roughly 213 months - saving 54 months and tens of thousands of dollars in interest.
Important Assumptions
- Assumes extra payments are applied directly to principal every month, consistently.
- Check with your lender to confirm extra payments are applied to principal, not future payments.
Frequently Asked Questions
- Will my lender automatically apply extra payments to principal?
- Not always - some lenders apply extra payments to your next due payment by default. Contact your loan servicer to specify that extra payments should go toward principal.
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Methodology
This calculator simulates loan payoff month by month under two payment scenarios. See our methodology page for details.
This calculator provides estimates for educational purposes only. Actual rates, taxes, insurance, fees, and lender terms may differ. It does not constitute financial advice - consult a qualified financial professional before making financial decisions.