Payoff LensMortgage Payoff & Amortization Calculator
See what paying a little extra actually does.
- Your mortgage
- What to try
- Your answer
Start with your mortgage
Three numbers and your payment appears. The start date is optional — without it, results are given in payment numbers.
Enter your amount, rate, and term above and your payment appears here.
Want a second set of eyes on these numbers?
This is a model. A conversation is where you find out which of these moves fits your situation — and which ones your servicer will actually allow.
A free mortgage payoff and amortization calculator
This is an amortization calculator built for one question most calculators skip: what happens if you pay the loan off faster? Enter your rate, balance, and term to see the full amortization schedule, then add extra principal each month, a one-time lump sum, an annual payment, or a recast and watch your payoff date and total interest change in real time. It doubles as an extra payment calculator and an early payoff calculator, and you can compare more than one mortgage under the same plan.
Want the strategy behind the numbers first? Read how to pay off your mortgage faster for what extra payments, biweekly payments, a lump sum, a recast, and a 15-year refinance each actually save, and the question to ask before you commit a dollar to any of them.
It also works backwards. Most calculators make you guess an extra payment and check what it does; this one takes the goal instead — pay off five years early, be done by a chosen date, save a set amount of interest, stay inside a monthly budget, or reach a specific required payment — and solves for the smallest extra payment that reaches it. A start date is optional: without one, results are given in payment numbers rather than a date the tool made up for you.
Common questions
What does this mortgage payoff calculator do?
It builds your full amortization schedule, then lets you model paying the loan off faster. Add extra principal every month, a one-time lump sum, or a recast, and the payoff date, total interest, and month-by-month schedule update in real time so you can see exactly how much interest you save and how many years sooner you are free.
How much extra do I need to pay to be mortgage free in 20 years?
This calculator works that out for you. Instead of guessing an extra payment and checking the result, tell it the goal — pay off a set number of years early, be done by a chosen date, save a target amount of interest, stay within a monthly budget, or reach a specific required payment — and it solves backwards for the smallest extra payment that gets there. If a goal is not reachable it says so plainly rather than returning the closest number.
How does an amortization schedule work?
An amortization schedule lists every monthly payment over the life of the loan and splits each one into interest and principal. Early on, most of your payment is interest and very little goes to principal. Over time that flips. Because interest is front-loaded, extra principal paid early removes far more total interest than the same amount paid years later.
How much can extra payments save me?
More than most people expect, because every extra dollar of principal erases all the future interest that dollar would have generated. On a $400,000 loan at 6.75%, an extra $250 a month pays it off almost seven years sooner and saves roughly $140,000 in interest. Enter your own rate and balance above to see your exact numbers.
Can I model a lump sum or a recast?
Yes. You can drop a one-time lump sum against principal in any month and watch the schedule change, or model a recast, where the lender re-amortizes your remaining balance over the original term to lower your required payment. The calculator shows the difference between paying extra to shorten the loan and recasting to lower the payment.
Can I compare two different loans side by side?
Yes. You can add a second mortgage and the same payoff plan is applied to both, timed from each loan's own first payment, so you can compare different rates or terms directly. Each one shows its required payment, total interest, payoff date, and what the plan saves it, so you can see which leaves you paying less over the time you actually keep the loan.