Mortgage payoff calculator
See how an extra monthly payment shortens the loan and what it saves in interest, with the scheduled payment shown beside the payment with the extra.
New payoff time
23 yr 10 mo
Interest saved
$185,574
Shows how paying a little more each month shortens the loan and cuts interest. Interest saved is the full-term interest at the scheduled payment minus the interest you would actually pay, in nominal dollars and not discounted to today's money, which is how lenders quote it. It assumes a fixed rate, that every extra payment is made on time and applied to principal, and no prepayment penalty. Escrow for taxes and insurance is not part of these figures. An estimate for planning.
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