Mortgage Payoff Calculator
Use this Mortgage Payoff Calculator to find out how making extra monthly payments can help you pay off your mortgage faster and save a significant amount in interest.
Payoff Summary
New Payoff Time
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Interest Saved
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Total Payments
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Interest Comparison
Mortgage Payoff Amortization Schedule
| Year | Principal | Interest | Total | Balance | Loan Paid |
|---|
What Is a Mortgage Payoff Calculator?
A mortgage payoff calculator shows how making extra payments toward your home loan can shorten the loan tenure and reduce total interest paid.
How Extra Payments Reduce Interest
Extra payments directly reduce the principal balance. Since interest is calculated on the remaining balance, lowering the principal early results in significant long-term savings.
Benefits of Paying Off Your Mortgage Early
- Save thousands in interest
- Become debt-free sooner
- Improve monthly cash flow
- Reduce financial stress
Frequently Asked Questions
Typically, extra payments reduce loan tenure while keeping EMI constant.
Many lenders allow partial prepayments without penalty, but terms vary.
This depends on interest rates, returns on investment, and risk tolerance.
Even small extra payments can save large interest amounts over long tenures.