Mortgage Payoff Calculator
When your mortgage will be paid off, what you still owe, and the interest and time an extra monthly or one-off payment saves.
Result…
How it's calculated
Payment = L × i ÷ (1 − (1 + i)^−n), i = yearly rate ÷ 12 Balance after k payments = L × (1 + i)^k − Payment × ((1 + i)^k − 1) ÷ i Then each month: balance + interest − (payment + extra), until it reaches zero
Works out what you still owe on a fixed-rate mortgage, then runs the rest of the schedule with your extra monthly payment and any one-off payment. Every extra amount comes straight off the principal, so less interest builds up and the last payment comes sooner. The regular payment stays the same.
Your numbers, step by step
About the Mortgage Payoff calculator
This mortgage payoff calculator shows what you still owe on a fixed-rate home loan and when the last payment will fall due. Enter the original loan, the rate, the term and how many payments you have made, and it works out today's balance. Add an extra monthly payment, a one-off lump sum, or both, and it runs the rest of the schedule to show the new payoff date, the months saved and the interest saved. It suits anyone weighing overpayments against other uses for their money. Each step of the working uses your own numbers, so you can check the balance against your lender's statement. To see the full payment schedule year by year, use the amortization calculator.
How to use it
- Enter the “Original loan amount”, the “Interest rate” and the “Original term” in years.
- Enter the “Payments made so far” in months; use 0 for a new loan.
- Add an “Extra monthly payment”, a “One-off payment now”, or both.
- Set the “Next payment date” so the payoff date lands on the right month.
- Read the interest saved, the payoff date and the months saved, and follow the steps to check the balance.
Worked example
A 300,000 loan at 6.5% over 30 years has a regular payment of 1,896.20. After 60 payments the balance is 280,832.93. Paying 200 extra each month, starting 1 November 2026, clears it in 240 more payments, the last on 1 October 2046. That is 60 months sooner, and it saves 66,943.94 in interest.
Updated
Questions people ask
How do I calculate my mortgage payoff date?
Work out today's balance, then repeat each month: add that month's interest, subtract your payment plus any extra, until the balance reaches zero. Count the payments and add that many months to your next payment date, less one.
What is the formula for the remaining balance on a mortgage?
Balance after k payments = L × (1 + i)^k − payment × ((1 + i)^k − 1) ÷ i, where L is the original loan and i is the yearly rate divided by 12.
Is a one-off payment or an extra monthly payment better?
Money paid earlier saves more interest, because it stops interest building on that amount for longer. Try both in the calculator: enter one, then the other, and compare the interest saved.
Why does my lender's balance differ slightly from this one?
Lenders may charge interest daily, round each payment, or apply payments on different dates. The calculator uses the standard monthly schedule, so small differences are normal.
Does paying extra always shorten the loan?
Only if the lender applies it to the principal and keeps the payment the same. Some lenders lower the payment instead, limit overpayments or charge for early repayment. Check your loan terms, and speak to your lender or a financial adviser before making large overpayments.