Mortgage Payoff Calculator
Calculate how much time and money you can save by making extra payments on your mortgage. Supports monthly and bi-weekly payments. Export your results as PDF, Excel, or image.
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Do you know the remaining loan term?
Mortgage Terms Explained
Understanding these key terms will help you make better financial decisions.
Principal
The original amount of money borrowed from the lender. This is the total loan amount before any interest is added.
Interest
The cost of borrowing money, expressed as a percentage of the principal. Interest is the fee you pay to the lender for using their money.
Annual Interest Rate (APR)
The yearly interest rate charged on your loan. For example, a 5.5% annual interest rate means you pay 5.5% of the remaining principal each year.
Amortization
The process of paying off a loan over time through regular payments. Each payment covers both interest and principal, with the proportion changing over time.
Monthly Payment
The fixed amount you pay each month, which includes both principal and interest. This amount stays the same throughout the loan term (unless you make extra payments).
Bi-weekly Payment
Making payments every two weeks instead of monthly. This results in 26 payments per year (equivalent to 13 monthly payments), which can help you pay off your loan faster.
Extra Payment
Any payment made in addition to your regular monthly payment. Extra payments go directly toward reducing the principal, which saves you interest over time.
Current Balance
The remaining amount you still owe on your loan. This decreases with each payment you make.