Crunch Mortgage Payoff Calculator
Start from the mortgage you already have: your balance, rate and time left — then see your payoff date, and how much sooner extra payments get you there.
How it works
Your required monthly payment is worked out from the balance, rate and time remaining, using the standard amortization formula. Extra payments — monthly or one-time — go straight to principal, so the balance falls faster, less interest is charged each month, and the loan ends early. The calculator runs the schedule twice: once on the required payment alone, once with your extra payments, and reports the difference in time and interest.
Frequently asked questions
How much faster does $200 a month pay off a mortgage?
On a $280,000 balance at 6.5% with 27 years left, an extra $200 a month ends the loan roughly 5 years early and saves tens of thousands in interest. Your exact figures are above — try different amounts to see the trade-off.
Should I pay extra on my mortgage or invest instead?
Paying extra earns a guaranteed return equal to your mortgage rate (6.5% above), with zero risk. Investing may return more on average but is not guaranteed. Many people split the difference — and always capture any employer retirement match first.
Is one extra payment a year as good as monthly extras?
Close, but monthly extras win slightly because they cut the balance — and therefore the interest charged — sooner. One extra payment a year is still far better than none.
Does paying extra change my required monthly payment?
No. Your required payment stays the same; extra payments shorten the loan instead. If you want a lower required payment, ask your lender about recasting after a large lump sum.
🔄 Would refinancing beat extra payments?
The Refinance Calculator compares your current loan with a new rate and shows the break-even month.