Mortgage Calculators

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Extra Payment Calculator: Existing Mortgage Payoff

How will my existing mortgage be affected if I make extra mortgage payments to pay down the mortgage?

If you want to pay down a loan ahead of schedule by adding a fixed amount to each payment, this extra payment calculator will show you how much quicker you'll reach loan pay off time and how much money you'll save. Almost every other loan pay off calculator out there uses initial loan amount, rate, date and term of loan. They assume you have not made any additional payments to your principal. If you have, your balance will not match and your answer will not be accurate. This one is smart enough to take that into consideration and use only your current balance, loan rate and payment amount. Accurate data to begin with gives an accurate answer. (Thanks user Jeff for noticing and pointing that out!)

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Logan   Been looking through several sites for a simple calculator that cranks out exactly what yours does. Thanks for keeping it simple. - 10/2/2017 9:14:53 PM

Greg   I wish the calculated minimum could be shut off. Mine is a loan where the minimum is income based, not the general minimum. So, I can't use this for those loans because my minimum is lower than this figures/allows. - 5/2/2017 1:29:44 PM


Denisha   How long will it take to pay off my mortgage? The start date was Jan. 27 2011, original loan amount = 172,500 and remaining balance is 94,850. My payment is 1308 and I also pay 200 extra/mo. - 12/10/2016 1:19:48 PM

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owner   this calc. worked better for me than dinktown or bankrate! - 10/4/2016 7:19:47 PM

Karen   Early pay-off on mortgage $170K high with an interest rate of 4% making 24 pmts per year start date was July 1, 2014 would like pay-off for Sept 1, 2016...sorry 30 year mortgage - 7/27/2016 1:55:31 PM

Kim   I wish there was a way to figure out making biweekly payments, not just monthly. - 3/10/2016 1:59:19 PM

Dorothy strozier   How will my mortgage be if the balance is 77000.00 at a finance rate of 6.0 percent and monthly payment of 728.00 if I pay 37,000.00 dollars on the principal of 77.000.00 - 11/1/2015 8:24:56 PM

toni   WHat is the fomula to calculate a interest only loan . trying to pay it off 11/1/2015. Loan Date 6/17/2010 Principal Balance 40,000,000 Interest Rate 5.10% Interest Frequency semi annual Interest Payment 1,025,000 Term 7 years Principal Payment Date 6/17/2017 - 10/16/2015 1:35:11 PM


sopian bin abdullah   loan money - 12/21/2014 8:16:09 AM

jackie Jackson   I have a new 25,000 auto loan from capital one. monthly payment of 469.72 for 60 months. 9.3% interest rate. I've made 1 scheduled payment. I now have an additional 10 grand that I can pay in a lump sum. should I do this? If so, at what point in the loan should I pay this, now or later? And what would be the benefits? - 12/13/2014 7:42:26 PM

Pamela   Very helpful calculator. Could I suggest that if possible, adding an additional option to select fortnightly repayments rather than just monthly repayments would be really good. I believe many people now make fortnightly repayments and I expect this would have a positive influence on the results of your chart. Thanks. - 10/2/2014 11:25:31 PM

Jez Booth   This is the best mortgage calc ever - best one on the whole interent, I've searched and searched and this one does it all - Please accept my sincere thanks to the writer of this app! - 3/11/2014 6:34:28 AM

Shirley nundoo   Amazing tool.the best I've seen. Thank you.Saved me lots of hours Shirley Why does it not take into account the number of years? - 2/23/2014 5:09:48 AM

Victor   The initial amount of the house will have to be paid in full ultimately. Is this true? A bond of 1000000 at 7.5 % for 12 years at 4000 extra per month how will that work out for me - 2/23/2014 5:05:32 AM

Debbie McKinney   I can't thank you enough for this fantastic tool. This calculator has allowed me to refinance my house in the most intelligent and informed manner. By printing out the amortization table with the extra amount that I could pay each month, I was able to compare different scenarios including different interest rates, different PMIs, etc. and choose the best refi package that was uniquely suited to my needs, not the needs of a mortgage broker. This tool has given me the power to plan my payments on my rentals, home mortgage and my equity line with the confidence to know exactly how long it will take to pay off my debts and to take control of my finances in a way that makes everything crystal clear. Thank you again. - 11/7/2013 10:21:18 PM

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Mike   Amortization Calculator - 7/13/2013 12:02:57 PM

A Good 'Pay Down Loan' Strategy is to Pay Extra Principal Every Month

One of the most common ways to pay down a loan early is to pay additional principal each month. You don't have to pay a lot of extra each month to make a significant difference in your loan payoff time. An additional $50, or even $25 extra principal each month may make a surprising difference. You can save a lot of interest if you pay down the loan early.

This extra payment calculator is designed to tell you how much interest and time you'll save if you know how much extra you can pay each month. The Early Loan Payoff Calculator is another loan payoff calculator that will help you figure out how much extra to pay each month to pay down the loan by a desired years or months.

Field Help

Input Fields

TitleA title for these calculator results that will help you identify it if you have printed out several versions of the calculator.

LenderThe name of your potential lender. This field is not required but may help if you have printed out several loan scenarios.

Loan BalanceThe amount you owe on your mortgage or loan.

Interest RateThe annual percentage rate you are paying for this loan.

Monthly PaymentThe principal and interest portion of each monthly payment. This may not be the amount you write a check for each month. Depending on the type of loan, your actual payment may include other amounts for escrow, private mortgage insurance (PMI), fees, or property taxes.

Additional PrincipalThe additional amount you will pay each month (over the required 'Monthly Payment' amount) to pay down the principal on your loan.

Output Fields

New Monthly PaymentThe required 'Monthly Payment' plus any 'Additional Principal' you want to pay each month. The 'Early Payoff' calculations assume you will pay this amount of principal and interest each month from now on until the loan or morgage is paid. Actual payment could include other amounts such as escrow for insurance and property taxes, private mortgage insurance (PMI), fees, and dues.

Early Payoff (column)If you pay additional principal each month your loan or mortgage will be paid earlier than scheduled and you will pay less in interest charges.

Without Early Payoff (column)The payoff time and interest charges if you pay no additional principal each month.

Savings (column)'Early Payoff' compared to 'Without Early Payoff' saves you this much time and money.

Payoff TimeAmount of time until the loan is paid off.

Total InterestThe remaining total amount of interest you will pay over 'Payoff Time'.

Total PaidThe remaining total amount of principal + interest you will pay over 'Payoff Time'.

Remaining PaymentsThe number of payments you will make to pay off the loan.

Annual CostThe amount of money you will pay each year for this loan.

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