Home Payoff Calculator
Mortgage Extra Payment Calculator works out Payment and Total interest from Current loan balance, Annual interest rate and Loan term. The default figures on this page give interest saved by extra payments of 97,618.44; change any entry and the result, the working and the sources update together.
Your figures
Updates as you typeHow 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 |
Its 6 worked examples are re-run on every release, last on 15 September 2026. What changed
Sources and references
2 sources
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What the Mortgage Extra Payment Calculator calculates
Compares a loan with and without extra principal payments, showing the interest saved and the time cut from the term.
How to use this Mortgage Extra Payment Calculator
Enter Current loan balance, Annual interest rate, Loan term and Term - additional months. Payment updates as you type. Change one figure at a time to see what drives the result.
How the result is worked out
Open “How this is worked out” beside the result for the step-by-step calculation behind Payment, Total interest and Total of payments.
The method follows Standard annuity-immediate payment formula, PMT = P i / (1 - (1+i)^-n) and 12 CFR Part 1026 (Regulation Z), Appendix J - Annual Percentage Rate Computations.
What you can compare
Change one input at a time to see how it affects Payment, Total interest and Total of payments. The inputs you can vary are Current loan balance, Annual interest rate, Loan term, Term - additional months, Payment frequency and Extra principal each period.
Results are general information, not financial, tax, legal, medical or engineering advice. Check any decision that matters with a qualified professional.
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Frequently asked questions
How to pay off a $300,000 mortgage in 10 years?
Compares a loan with and without extra principal payments, showing the interest saved and the time cut from the term. Open “How this is worked out” beside the result to see each step for your own figures.
What is the 2% rule for mortgage payoff?
On the figures this page opens with — current loan balance 300,000, annual interest rate 5%, loan term 30 years and extra principal each period 200 — the interest saved by extra payments is 97,618.44. No single number fits everyone: change any figure above and the answer updates as you type, with each step of the arithmetic beside it.
How to pay off a $500,000 mortgage in 5 years?
It needs Current loan balance, Annual interest rate, Loan term, Term - additional months, Payment frequency and Extra principal each period. Nothing else is required, and the figures stay in your browser.
How to calculate home loan payoff amount?
The result gives Payment, Total interest, Total of payments, Number of payments, Payoff time and Rate per period, each labelled with its unit so the figure can be read on its own.
What information do I need for the Mortgage Extra Payment Calculator?
You need Current loan balance, Annual interest rate, Loan term, Term - additional months, Payment frequency, Extra principal each period, One-off lump sum and Applied at payment number. The page opens with default figures that give interest saved by extra payments of 97,618.44, so you can see the scale before entering your own.
What does this Mortgage Extra Payment Calculator show?
It shows Payment, Total interest, Total of payments, Number of payments, Payoff time, Rate per period, Interest per unit borrowed and Interest saved by extra payments, with the working and any warnings for your entries.