Mortgage Payoff Calculator
Compare your current mortgage timeline with an accelerated payoff plan using extra monthly and one-time principal payments.
Payoff Inputs
Current Plan
Accelerated Plan
Accelerated Payoff Impact
Payoff Formula
Base monthly principal and interest payment uses:
Each extra dollar paid above the required monthly principal and interest is applied to principal, which shortens loan term and lowers lifetime interest.
How to Use This Result
- Start with realistic recurring overpayments you can sustain through market or income changes.
- Use one-time lump sums for bonuses or windfalls to make high-impact principal reductions.
- Re-evaluate your plan yearly, especially after rate changes, refinancing, or major expenses.
- Consider keeping emergency savings before maximizing accelerated mortgage payoff.
Frequently Asked Questions
Do extra payments always reduce principal?
This calculator assumes all extra monthly and one-time payments are applied directly to principal. Confirm with your lender that overpayments are marked as principal-only.
What if I already know my current monthly payment?
If entered, your current payment is used as the base payment when it is at least enough to cover monthly interest. Otherwise, the required amortized payment is used automatically.
Does this include taxes and insurance?
No. This page focuses on loan principal and interest payoff mechanics. Use the standard mortgage calculator for full monthly housing-cost estimates.