Mortgage Payoff Calculator

Frequently asked questions

Why does this ask for my current balance instead of the original loan amount?

Because your current balance is what you actually owe right now, straight from your latest statement, while calculating from the original loan amount would require reconstructing years of payment history. It also determines how much can still be saved: since the most can be saved at the start of a loan, it might not pay off for you if you only have so many months to go. Using your current balance instead of estimates gives you an accurate scenario.

Does making an extra payment lower my required monthly payment?

No, and this is the single most common misunderstanding about extra payments. Your monthly payments stay the same unless you ask for a recast. The reason behind this is that extra payments cut interest, not the payment amount itself.

What's the difference between the extra monthly amount and the one-time extra payment?

The monthly payment is a sum that you plan to pay on a recurring basis. The one-time figure is paid once, like a tax refund or a bonus. If you have enough savings to withstand some economic setbacks and earn more than you spend, you might want to set up recurring payments. If you have a healthy sum of savings and received a bonus that you have no purpose for, you might want to pay a one-time figure to cut interest.

What does the biweekly payment option actually do?

It models paying half your regular payment every two weeks instead of the full amount once a month. Since there are 52 weeks in a year, paying every two weeks works out to 26 half-payments, the equivalent of 13 full monthly payments instead of 12. This way you schedule payments every 14 days to pay off an extra month while barely noticing it.

Should I pay extra on my mortgage or invest the money instead?

This tool only answers one side of that question: how much a given extra payment saves in guaranteed interest, not what you'd have earned investing that money instead. While investing might pay off, there is always risk involved. Early mortgage payments save you a lot of interest for the whole duration of your loan. The difference is that there is no risk in it.

Will my lender charge me a penalty for paying extra?

Usually not, but it is worth checking your loan documents. Some loans have restrictions so it is best to figure these out beforehand. FHA loans, VA loans and any loan from a federally chartered credit union are prohibited by law from carrying a prepayment penalty.

Does this account for property taxes, insurance or PMI?

No. Every figure here is principal and interest only, the part of your payment that actually pays down the loan and the part extra payments actually affect. Property taxes, homeowners insurance and mortgage insurance are usually collected into the same monthly bill through an escrow account, but they don't amortize and extra payments don't reduce them, so including them would only make the payoff math harder to read without changing the answer.

Can I track a rental property here too, not just my own home?

Yes, every loan you add gets its own category. Primary residence, rental properties etc. You can track a rental mortgage the same way, and the summary and category breakdown below separate them out.

Is my loan data private?

Yes. Everything you enter is stored only in this browser's IndexedDB, on your device. There's no account, no sync between devices and no export yet, so clearing your browser data or switching devices loses everything entered here.

Why doesn't this include a refinance comparison?

Not built yet, but this might be added in the future.

What does the "paid off so far" percentage measure?

It compares your current balance against the balance you first entered. If you have been paying a mortgage for some time already, simply add it with today's actual balance, and the percentage will start counting from that point rather than from when you originally took out the loan.