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For U.S. homeowners with a mortgageMortgage payoff calculator
Enter what you still owe, your interest rate and the time left on the loan. Add an extra payment and see when the mortgage would be paid off and how the total interest changes.
Cindrus is a calculation tool, not a financial advisor. We give no personal advice and do not arrange or refinance loans.
New payoff date: —
Both figures assume the rate stays the same and every payment is made on time.
The percentage you entered, applied to extra amounts paid while the penalty period runs.
Balance over time, both ways
Amortization schedule
Month by month: payment, interest, principal and the balance afterward, with and without the extra payments.
Your total monthly payment can be higher than the principal and interest shown here, because escrow for property tax and insurance comes on top.
To close the loan you will need a payoff statement from your servicer. It includes interest up to the payoff day and can differ from the balance shown here.
Your servicer decides how extra payments are applied and what the payoff amount is. The figures here are estimates from your own entries.
Data used: the balance, rate and payments you entered. The rate and costs you can actually obtain may differ.
This shows what the payments you entered would do. It is not a recommendation to pay extra or to keep the money.
For illustrative purposes only. Not a loan offer or commitment to lend. Cindrus is not a lender, mortgage broker or loan originator, we pass no information to lenders, and no lender pays us.
- A fixed rate and monthly payments for the time left.
- Extra money reduces principal right away and does not replace a regular payment.
- The regular payment stays the same until the loan is paid off.
- Escrow for taxes and insurance is not part of the figures.
Two paths for the same loan
Copy three figures from your statement
The principal balance, the interest rate and how many years and months are left.
Add an extra amount
Monthly, once, or both. If your loan has a prepayment penalty, enter it too.
Compare the paths
The payoff date, the interest left and the balance curve, with and without the extra money.
Before you send extra money
Two federal rules matter when you pay ahead on a home loan: what the lender may charge for it and what the servicer must tell you.
Prepayment penalties
The CFPB describes a prepayment penalty as a fee that some lenders charge if you pay off all or part of your mortgage early. You would have agreed to it at closing, and not every mortgage has one.
Federal limits
Under Regulation Z, a penalty on a covered loan must not apply after the three-year period following consummation, and it is capped at 2 percent of the amount prepaid in the first two years and 1 percent in the third year.
Payoff statements
Ask in writing, and the servicer must send an accurate payoff statement within a reasonable time, and no later than seven business days after your request.
How do extra payments change a mortgage?
Interest on a mortgage is charged on the balance. An extra payment applied to principal lowers the balance at once, so every later month carries a little less interest and a little more of the regular payment goes to principal.
The regular payment stays the same. What changes is how long you keep making it. That is why the calculator shows the payoff date first and the interest difference second.
When does the servicer count my payment?
Regulation Z requires a servicer to credit a periodic payment to your account as of the day it is received, with narrow exceptions. The calculator assumes any amount above the regular payment goes straight to principal.
Other words for the same thing
Mortgage payoff calculator · extra payment calculator · early payoff calculator · pay off mortgage early. All of them ask how the end date moves.
The arithmetic, without a pitch attached
Both paths on one screen
The calculator never shows one path without the other.
Penalties in the same box
A penalty you enter appears right next to the interest difference, not in small print.
No refinancing offers
We do not sell loans and we are not paid to point you to one.
Does every extra payment reduce the total interest?
If it goes to principal, yes: a lower balance means less interest every month after. An extra amount made early in the loan changes more than the same amount made near the end. Try one sum in different months to see the difference.
Is there a penalty for paying off early?
Some loans have one. Where it is allowed, federal rules limit it to 2% of the amount prepaid in the first two years and 1% in the year after, and it ends after three years. Your note and Closing Disclosure tell you whether yours does.
Pay down the mortgage or invest the money?
The calculator only shows the mortgage side. Each extra dollar of principal removes interest at your loan's rate. Money invested instead could earn more or less than that, and it stays easier to reach. Which way you go is your call.
What does paying every two weeks change?
A year has enough two-week periods for one extra monthly payment, so the balance falls faster. The effect only appears if your servicer applies each half payment when it arrives. Some hold it until the full payment is in.
Will extra payments lower my monthly payment?
Usually not. On most loans the regular payment stays the same and the loan ends sooner. Some servicers offer a recast that lowers the payment after a large one-time amount; ask yours what it charges and requires.
The payoff calculator is free.
A free Cindrus account keeps your mortgage in one overview with your other loans and assets. See the pricing page for every plan and for what is limited to the Danish market.
Pricing and plans →Try an extra payment on your own loan.
Nothing to install and nothing to sign. If you want an overview later, the account is free and asks for no payment card.