Estimate how extra monthly principal or a one-time payment may shorten a fixed-rate mortgage payoff, reduce interest, and change the remaining balance.
$280,000 balance with $200.00 extra/mo
Ask your lender or mortgage servicer for an official payoff statement before sending final payoff money. Confirm extra payments are applied to principal and whether a recast, fee, escrow adjustment, or prepayment rule applies.
See how extra monthly principal changes mortgage payoff time.
Estimate interest saved from a one-time principal payment.
Compare a normal payoff path with an aggressive early-payoff plan.
Plan what to ask your lender or servicer before sending extra money.
About 20 years to payoff, 60 months saved, and about $63,050.68 interest saved
Remaining balance drops to $235,000 and estimated interest falls by about $3,946.88
About 17 years 1 month to payoff, 131 months saved, and about $175,003.22 interest saved
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Plain-language answers about when to use the estimate, what your numbers mean, what is left out, and how privacy works.
Use it when you want to test the exact inputs on this page: See how extra monthly principal changes mortgage payoff time. Estimate interest saved from a one-time principal payment. The result is a check against your assumptions, not proof that a lender, tax app, broker, platform, or provider will use the same number.
Current loan balance means the unpaid principal balance you want to test, not the original home price. Interest rate means the annual mortgage rate used for the estimate, entered as 6.25 for 6.25%. Remaining term means the years left in the payoff scenario before any extra principal is added. Extra monthly payment means extra money you plan to send each month and have applied to principal. One-time extra payment means one extra principal payment made now before the payoff estimate starts.
No. CFPB explains that a payoff amount can be different from the current balance because it can include interest through the payoff date plus unpaid fees or a prepayment penalty. Ask your lender or servicer for the official payoff amount before sending final payoff money.
Fannie Mae explains that extra principal reduces the mortgage balance, which can reduce future interest. Tell your lender or servicer that extra money should go to principal, then check the next statement to make sure it was applied that way.
Not always. This calculator reduces the balance and re-estimates the payoff path for planning. A real servicer may keep the scheduled payment the same unless a recast or re-amortization is allowed and approved.
In plain language: The calculator finds the scheduled fixed mortgage payment, subtracts any one-time principal payment from the balance, adds extra monthly principal to the scheduled payment, then simulates monthly interest and principal reduction until payoff. The estimate assumes fixed-rate monthly interest and that extra payments reduce principal. It does not model daily payoff interest, escrow, late fees, or servicer-specific application rules.
Payoff time tells you the estimated time until the balance reaches zero. Interest saved compares the extra-payment path with the scheduled path. Months saved shows how much earlier the loan may end.
This is not an official payoff quote. Your lender or mortgage servicer may apply extra payments differently and may include daily interest, escrow, unpaid fees, recording costs, wire instructions, payoff-statement rules, recast rules, or prepayment penalties. For a final payoff, use the official payoff statement from the lender or servicer, not this planning estimate.
Check that the balance is the current principal balance, the rate is annual, the term is years remaining, and any extra money is meant for principal. Then confirm with your servicer before sending extra or final payoff money.
Not by itself in this calculator. Paying down principal can change loan-to-value over time, but PMI cancellation, escrow, taxes, and insurance follow lender, investor, and legal rules outside this estimate.
No. The calculator runs in your browser tab. Recent answers stay only on the page while you use it, and they are not sent to a server.