Using the Mortgage Payoff Calculator
Enter the outstanding balance rather than the original mortgage amount. Include the extra principal you plan to pay in the monthly payment field, but leave out escrow collected for taxes or insurance.
Worked example
Use the example inputs below to reproduce this result. These are the form's starting values, not recommended targets. Changing your inputs updates your result above; this worked example stays fixed for comparison. Results are rounded for display.
Example inputs
- Outstanding balance
- 5000
- Annual rate (%)
- 18
- Monthly payment
- 250
Example result
- Months to payoff
- 24
- Total interest
- 989.13
- Total paid
- 5,989.13
Method and assumptions
Accrues monthly interest and then applies a fixed payment, with a smaller final payment. No new borrowing or fees.
Check the payment assumption
A debt-payoff estimate assumes the planned payment actually reaches the balance on the modeled schedule. New borrowing, fees or rate changes can extend the timeline. Compare the regular payment with the interest accruing each period, then review any extra-payment assumptions. A payoff projection is most useful when it is updated as the balance and terms change.
Common question
Should I include property tax in the payment field?
No. Money collected for taxes and insurance does not repay the loan. Use the principal-and-interest portion plus any extra principal payment.
Guide updated .