What is this calculator?
Calculate how extra monthly payments change the payoff time.
What can you use it for?
Use this tool to compare a financial scenario using the assumptions you control. Calculate how extra monthly payments change the payoff time.
How to use it
- Enter current balance.
- Enter annual rate (%).
- Enter current monthly payment.
- Enter additional monthly payment.
- Select Calculate (or Generate for random tools).
- Read the answer and any additional results below the form. Check the units and the limits of the method.
Formula and method
Payments are simulated month by month. The final payment is reduced to the remaining balance plus interest.
Worked example
Current balance: 2000000, Annual rate (%): 10, Current monthly payment: 25000, Additional monthly payment: 5000. The result is 98 months (estimated payoff time).
Assumptions and limits
This is a mathematical estimate using the values you enter. Confirm real product terms, fees, tax rules and dates before acting on it.
Frequently asked questions
What inputs does the Mortgage Payoff Calculator need?
Use current balance, annual rate (%), current monthly payment, additional monthly payment. Read the answer and any additional results below the form. Check the units and the limits of the method.
What assumptions apply to the Mortgage Payoff Calculator?
This is a mathematical estimate using the values you enter. Confirm real product terms, fees, tax rules and dates before acting on it.