Mortgage Payoff Calculator
Calculate your monthly home loan payment, amortization schedule, and interest savings with extra payments using our free mortgage payoff calculator.
| Year | Payments | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | 12 | $3,576.76 | $20,694.68 | $316,423.24 |
| 2 | 12 | $3,816.28 | $20,455.16 | $312,606.96 |
| 3 | 12 | $4,071.88 | $20,199.56 | $308,535.08 |
| 4 | 12 | $4,344.57 | $19,926.87 | $304,190.51 |
| 5 | 12 | $4,635.54 | $19,635.90 | $299,554.97 |
| 6 | 12 | $4,946.00 | $19,325.44 | $294,608.97 |
| 7 | 12 | $5,277.22 | $18,994.22 | $289,331.75 |
| 8 | 12 | $5,630.65 | $18,640.79 | $283,701.10 |
| 9 | 12 | $6,007.75 | $18,263.69 | $277,693.35 |
| 10 | 12 | $6,410.11 | $17,861.33 | $271,283.24 |
| 11 | 12 | $6,839.41 | $17,432.03 | $264,443.83 |
| 12 | 12 | $7,297.46 | $16,973.98 | $257,146.37 |
| # | Date | Payment | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 1 | Oct 2026 | $2,022.62 | $289.29 | $1,733.33 | $319,710.71 |
| 2 | Nov 2026 | $2,022.62 | $290.85 | $1,731.77 | $319,419.86 |
| 3 | Dec 2026 | $2,022.62 | $292.43 | $1,730.19 | $319,127.43 |
| 4 | Jan 2027 | $2,022.62 | $294.01 | $1,728.61 | $318,833.42 |
| 5 | Feb 2027 | $2,022.62 | $295.61 | $1,727.01 | $318,537.81 |
| 6 | Mar 2027 | $2,022.62 | $297.21 | $1,725.41 | $318,240.60 |
| 7 | Apr 2027 | $2,022.62 | $298.82 | $1,723.80 | $317,941.78 |
| 8 | May 2027 | $2,022.62 | $300.44 | $1,722.18 | $317,641.34 |
| 9 | Jun 2027 | $2,022.62 | $302.06 | $1,720.56 | $317,339.28 |
| 10 | Jul 2027 | $2,022.62 | $303.70 | $1,718.92 | $317,035.58 |
| 11 | Aug 2027 | $2,022.62 | $305.34 | $1,717.28 | $316,730.24 |
| 12 | Sep 2027 | $2,022.62 | $307.00 | $1,715.62 | $316,423.24 |
Standard fully-amortized schedule. First payment is assumed on the 1st of next month; each payment is rounded to the cent.
Also covers: mortgage calculator with amortization schedule and extra payments · home loan payoff schedule · extra monthly payment savings
Formula & How It Works
M = P × r(1 + r)^n ÷ ((1 + r)^n − 1)
- P is the loan amount (home price minus down payment), r is the monthly rate (APR ÷ 12), and n is the number of monthly payments (term in years × 12).
- Each payment is rounded to the cent and the final payment clears the remaining balance exactly, so the amortization schedule always ends at zero.
- Property tax and insurance are added on top for the headline monthly figure; they never reduce the loan balance.
Step-by-Step Example
A $400,000 home with an $80,000 down payment leaves a $320,000 loan at 6.5% APR over 30 years.
- 1.Loan amount (P)
- $400,000 − $80,000 = $320,000
- 2.Monthly rate (r)
- 6.5% ÷ 12 = 0.005417
- 3.Number of payments (n)
- 30 × 12 = 360
- 4.Monthly principal & interest
- P × r(1 + r)^n ÷ ((1 + r)^n − 1)
$2,022.62 principal and interest each month. Over the full term you pay $728,143, of which $408,141 is interest.
Frequently asked questions
How does making extra payments affect my mortgage payoff?
Extra money goes straight to principal, so the balance that interest is charged on shrinks faster. That shortens the term and cuts total interest — on a 30-year loan a modest extra amount every month can remove years. This page shows the scheduled payoff, so model extra payments by choosing a shorter term (15 or 20 years) or by running the schedule against a smaller loan amount to see the interest you would save.
What is included in the monthly mortgage payment?
The payment shown is principal and interest — the part that actually amortizes the loan. Property tax and home insurance are optional fields you can add, which turns the headline figure into your full monthly housing cost (often called PITI). HOA dues and mortgage insurance are not separate fields here, so budget for them separately.
How is amortization calculated on a fixed-rate loan?
Every month the same payment is split between interest and principal. Interest is the outstanding balance times the monthly rate (annual rate ÷ 12), and whatever is left of the payment reduces the principal. Early payments are mostly interest and later ones mostly principal, which is why the balance falls slowly at first. Each payment here is rounded to the cent, and the last one clears the remaining balance exactly.
Important assumptions
Financial results are estimates based on the stated rate, term, frequency, and assumptions. Lender fees, taxes, changing rates, eligibility rules, and account-specific terms can change real outcomes.
Key concepts
- Amortization
- Amortization is the process of paying off a loan through scheduled payments that cover both interest and principal, so the balance reaches zero at the end of the term.