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Results will appear here
Results
Original Time to Payoff
New Time to Payoff
Time Saved
Interest Saved
About Mortgage Payoff Calculator
Calculation Method
This calculator compares the amortization schedule of your regular payments against a schedule that includes extra principal payments. By applying extra payments directly to the principal, you reduce the balance on which interest is calculated, thereby shortening the loan term and saving on total interest costs.
Calculation Logic
The calculator simulates the monthly repayment process:
- Monthly Interest = Remaining Balance × Monthly Interest Rate
- Principal Payment = Monthly Payment - Monthly Interest
- New Balance = Remaining Balance - Principal Payment - Extra Payment
