See how extra payments could shorten your mortgage. Compare your current repayment plan with extra monthly, annual, one-time, or biweekly-equivalent principal payments. Review estimated interest savings and the projected payoff date.
Compare regular and accelerated payoff • Monthly or annual amortization scheduleYour payoff comparison
Balance comparison
The chart compares the projected balances with regular payments and with your selected extra payment options.
Payoff summary
| Measure | Regular payments | With extra payments |
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Amortization schedule
| Period | Scheduled payment | Extra principal | Interest | Ending balance |
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The final payment is reduced to the exact remaining balance plus that period’s interest. Any extra payment is capped at the amount needed to pay off the mortgage.
How the mortgage payoff calculator works
The calculator compares your current balance and scheduled principal-and-interest payment with a second plan that includes the extra payments you select. It estimates the payoff time, total interest, and potential interest savings under a fixed-rate monthly repayment model.
Extra payment choices
- Monthly extra: an additional amount applied to principal each month.
- Annual extra: an additional principal payment once every 12 months.
- One-time extra: a lump sum applied with the payment number you choose.
- Biweekly equivalent: approximates 26 half-payments per year as one extra monthly payment spread across the year.
Does an extra payment always reduce interest?
When the lender applies the extra amount to principal, the balance falls faster and future interest may be lower. Check your loan terms for prepayment limits, penalties, and how extra payments are applied.
What is excluded from the estimate?
The estimate excludes taxes, homeowners insurance, escrow, lender fees, variable rates, and special payment rules. It assumes a fixed rate and monthly interest accrual.
Why can my lender’s payoff quote differ?
A lender payoff quote can include daily interest through a specific date, fees, escrow adjustments, and contract-specific terms. Use the lender’s official quote before sending a payoff.
This tool provides a planning estimate, not a lender payoff quote or financial advice.