Home Payoff Calculator

Display currencyFormatting only. This does not change the calculation.

Current loan balance

Annual interest rate (%)The nominal annual rate (APR before fees), not the monthly rate.

Loan term (years)

Term - additional monthsAdded to the term in years, for terms such as 5 years and 6 months. To state a tenure purely in months, set the years to 0 and enter the whole tenure here.

Payment frequency

Extra principal each period

One-off lump sum

Applied at payment number

A lump sum shouldLenders usually let you pick one or the other after a lump sum. Regular extra principal always shortens the term.

Penalty-free overpayment allowance (%)Some deals cap how much you may overpay in a year before an early repayment charge applies, as a percentage of the balance at the start of the year. Your mortgage offer states the figure; leave it at 0 if your loan has no cap.

Include the amortisation schedule

Interest saved by extra payments

97,618.44

Extra Payment Payoff Calculator

Payment

1,580.17

Total interest

221,243.14

Total of payments

471,243.14

Number of payments

265

Payoff time

22.083 years

Rate per period

0.541667 %

Interest per unit borrowed

0.885

Payments saved

Interest without extra payments

318,861.58

Payments without extra payments

360

Years cut from the term

7.917

New payoff time

22.083 years

Overpayment planned in year one

2,400

Worked out from Standard annuity-immediate payment formula, PMT = P i / (1 - (1+i)^-n) and 1 other source.

How this is worked out

5 steps

Scheduled payment on 250000 at 6.5% is 1580.17.
Adding 200 of principal each period changes the payoff.
Without extras: 360 payments and 318861.58 interest.
With extras: 265 payments and 221243.14 interest.
That saves 97618.44 and 95 payments (7.917 years).

Yearly summarytable

year	interest	principal	endingBalance
1	16,094.92	5,267.12	244,732.88
2	15,742.17	5,619.87	239,113.01
3	15,365.81	5,996.23	233,116.78
4	14,964.21	6,397.83	226,718.95
5	14,535.75	6,826.29	219,892.66
6	14,078.59	7,283.45	212,609.21
7	13,590.78	7,771.26	204,837.95
8	13,070.33	8,291.71	196,546.24
9	12,515.03	8,847.01	187,699.23
10	11,922.52	9,439.52	178,259.71
11	11,290.33	10,071.71	168,188
12	10,615.83	10,746.21	157,441.79
13	9,896.13	11,465.91	145,975.88
14	9,128.22	12,233.82	133,742.06
15	8,308.93	13,053.11	120,688.95
16	7,434.72	13,927.32	106,761.63
17	6,501.98	14,860.06	91,901.57
18	5,506.77	15,855.27	76,046.3
19	4,444.92	16,917.12	59,129.18
20	3,311.93	18,050.11	41,079.07
21	2,103.1	19,258.94	21,820.13
22	813.28	20,548.76	1,271.37
23	6.89	1,271.37	0

Results are general information, not financial, tax, legal, medical or engineering advice.