Mortgage Payoff Calculator

Estimates only — your contract, lender's disclosure and tax situation govern. List With Agent is not a real estate brokerage. We are an independent marketing and referral service that connects home sellers with licensed real estate agents. This page is general educational information, not legal, financial, or real estate advice.

How it works

Each month, interest = balance × annual rate ÷ 12, and the remainder of your payment reduces principal. An extra payment goes entirely to principal, so the balance falls faster and less interest accrues over the life of the loan.

Frequently asked questions

How much does an extra mortgage payment save?

It depends on your balance, rate and remaining term. Enter an extra amount above to see both the months saved and the interest saved.

Should I pay off my mortgage early or invest?

That depends on your mortgage rate, expected investment returns, taxes, and your need for liquidity. This tool only shows the mortgage-interest math, not investment comparisons.

Will my servicer apply extra payments to principal?

Usually you must instruct the servicer to apply extra payments to principal rather than to next month's payment. Confirm the process and any prepayment terms with your servicer.

Does this include taxes and insurance?

No. This calculator models principal and interest only. Escrowed property taxes and insurance do not reduce your loan balance.