Finance

Mortgage Payoff Calculator

Find out how much time and interest you can save by making extra payments.

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Interest Saved
$0.00
Time Saved
0 Years
New Payoff Time
0 Years
Original Interest
$0.00
New Interest
$0.00
Year Standard Balance Balance with Extra Difference

How Extra Payments Work

When you make an extra payment on your mortgage, the entire amount goes directly toward your principal balance (assuming you specify it as a principal payment). Because interest is calculated based on your outstanding principal, lowering the principal reduces the interest charged in every subsequent month.