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
| Field | What to enter |
|---|---|
| Remaining mortgage balance | Amount in your currency |
| Interest rate | In % |
| Monthly payment (principal and interest) | Amount in your currency |
| Extra monthly payment | Amount in your currency |
| Pay off in (target) | In years |
| Next payment date | A 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])
Formula
Months to payoff = nper(i, payment + extra, balance)Payment for a target = pmt(i, months to target, balance)Interest = total paid − balanceWorked 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.
Frequently asked questions
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).