Mortgage Payoff Calculator

Enter the balance remaining today and the monthly amount going toward loan principal and interest, including any planned extra payment. Exclude escrow from this payment.

Enter all amounts in one currency. Currency selection changes labels, not amounts or jurisdiction. No conversion is performed.

Mortgage interest scenarios use the stated monthly-rate approximation. Selecting CAD does not apply Canadian semiannual mortgage compounding; use lender terms to check an actual mortgage quote.

Range: 0–1,000,000,000
Range: 0–100
Range: 0–1,000,000,000

Enter your values to see an estimate. Enter 0 for amounts that do not apply.

How this calculator works

Each month interest is added at annual rate / 12, then the entered payment is applied. The final payment is limited to the amount due. Simulation stops at payoff or 600 months.

Worked example

A 1,000 remaining balance at 0% with a 300 monthly principal-and-interest payment repays in four months: three payments of 300 and one final payment of 100.

Assumptions and limits

Assumes no new borrowing, missed payments, fees or rate changes. Unpaid results show interest and payments only within the 600-month simulation, not a lifetime cost. Actual daily interest and rounding can differ. Excludes escrow, prepayment penalties and annual lump-sum payments. A mortgage’s current rate may not apply for the entire remaining horizon.

How to choose your inputs

Use remaining principal and the part of your monthly payment applied to principal and interest, excluding escrow. To test extra principal, include that planned amount in the fixed payment and compare with a separate run at the scheduled payment. Check how your servicer applies additional money before assuming it immediately reduces principal.

How to interpret your result

Compare payoff months and modeled interest between the two runs, not just the final payment. The calculator does not measure the return you could earn on the extra cash elsewhere. If the balance is not cleared within the simulation cap, the reported costs are partial; obtain an actual dated payoff quote before settling the mortgage.

Primary references

This educational estimate uses your inputs. It is not individualized financial, tax, insurance, or investment advice, a lender offer, approval decision, or a promise of future results.

Explore related calculators

Use your scenario as a starting point for setting financial goals and tracking your account balances.

All available financial calculators