Mortgage Interest and Payoff Calculator
Calculate your mortgage payment, total interest and payoff date. See how an extra monthly payment shortens the loan.
A mortgage is the biggest loan most people take. Over 30 years the interest can exceed the amount borrowed.
This calculator shows the principal and interest payment and the total interest. Add an extra payment to see years fall off the loan.
How it works
The loan amount is the price minus your down payment. The payment is fixed so the loan clears at the end of the term.
Extra payments go straight to principal. That cuts future interest and shortens the loan.
The formula
L = loan amount, i = monthly rate, n = number of payments (years x 12).
Tips
- Property taxes, insurance and PMI are not included. Add them for your true monthly cost.
- One extra payment a year on a 30 year loan removes roughly four years.
Frequently asked questions
Should I pay extra or invest?
If your mortgage rate is higher than what you expect from investing, paying extra wins. If it is lower, investing may win, but paying down debt is risk free.
What is PMI?
Private mortgage insurance is charged when you put down less than 20%. It usually ends when your equity reaches 20%.
This is not financial advice. Nothing on this site is investment, tax, legal or financial advice of any kind.
The calculators give simplified estimates from the numbers you enter. They ignore taxes, fees, rate changes and real market returns, and they can be wrong.
Do not make financial decisions based on these results. Speak to a licensed financial adviser, accountant or lender before acting, and read the full disclaimer.