# Mortgage Payoff Calculator

URL: https://speedycalculator.com/calculators/finance/mortgage-payoff/
Last updated: 2026-10-25

> The mortgage payoff calculator works out when your mortgage will be paid off and how much interest you'll pay – with optional extra payments – from the balance, rate and monthly payment, and the payment needed to be debt-free by a target date.

## Inputs

- Remaining mortgage balance
- Interest rate (%)
- Monthly payment (principal and interest)
- Extra monthly payment
- Pay off in (target) (years)
- Next payment date

## Results

- Number of payments
- Repayment term
- Payoff date
- Total interest
- Total payment
- Monthly payment to pay off in the target time

## Formula

```
Months to payoff = nper(i, payment + extra, balance)
Payment for a target = pmt(i, months to target, balance)
Interest = total paid − balance
```

## Explanation

Knowing your payoff date helps plan retirement or other goals. Adding even a small extra amount each month brings the date forward noticeably.

### How to use the Mortgage Payoff Calculator

- **Remaining mortgage balance**
- **Interest rate**
- **Monthly payment (principal and interest)**
- **Extra monthly payment**
- **Pay off in (target)**
- **Next payment date**

Results update as you type, and every field accepts the units shown in its menu.

### How it works

Enter the remaining balance, interest rate, current monthly payment (P&I), any extra payment and the years in which you want to be mortgage-free.

### Tips

- Get a written loan estimate and compare the APR, not just the interest rate.
- Include property tax, insurance, HOA fees and maintenance in your monthly budget.
- A larger down payment lowers the payment and can remove mortgage insurance.
- Rates change daily – use a current quote for the most accurate result.

### Common mistakes to avoid

- Looking only at the monthly payment instead of the total cost of the loan.
- Forgetting closing costs and fees.
- Assuming home prices always rise.

### Inputs explained

FieldWhat to enterRemaining mortgage balanceAmount in your currencyInterest rateIn %Monthly payment (principal and interest)Amount in your currencyExtra monthly paymentAmount in your currencyPay off in (target)In yearsNext payment dateA date

### What each result means

- **Number of payments** = nper([Interest rate]÷1200, [Monthly payment (principal and interest)] + [Extra monthly payment], [Remaining mortgage balance])
- **Repayment term** = [Number of payments]÷12
- **Payoff date** = addmonths([Next payment date], [Number of payments] - 1)
- **Total interest** = ([Monthly payment (principal and interest)] + [Extra monthly payment])×[Number of payments] - [Remaining mortgage balance]
- **Total payment** = ([Monthly payment (principal and interest)] + [Extra monthly payment])×[Number of payments]
- **Monthly payment to pay off in the target time** = pmt([Interest rate]÷1200, [Pay off in (target)]×12, [Remaining mortgage balance])

## Worked example

Inputs — Remaining mortgage balance: $220,000; Interest rate: 6 %; Monthly payment (principal and interest): $1,600; Extra monthly payment: $150; Pay off in (target): 12 years; Next payment date: 2026-11-24.

Results — Number of payments = 199; Repayment term = 16.5 years; **Payoff date = Sun, May 24, 2043**; Total interest = $127,505.42; Total payment = $347,505.42; Monthly payment to pay off in the target time = $2,146.87.

## FAQ

**How can I pay off my mortgage in 10 years?**
Increase your payment to the amount shown for a 10-year target.

**Does refinancing to 15 years help?**
It raises payments but cuts total interest sharply.

**Should I pay off my mortgage before retiring?**
Many people do for lower expenses, but keep enough savings.

**What formula does the Mortgage Payoff Calculator use?**
Months to payoff = nper(i, payment + extra, balance).


## Sources

- [Consumer Financial Protection Bureau](https://www.consumerfinance.gov/)