United States Mortgage Payoff CalculatorPart of Cindrus

Mortgage payoff calculator

Three figures from your statement and one extra amount are enough.

Your loan today

The fields start empty, and the calculator adds nothing you did not enter.

From your latest mortgage statement. This is not the payoff amount, which also includes interest up to the payoff day and any fees.

The note rate on your statement. Use the interest rate, not the APR.

Count from your next payment to the last one on your schedule.

Leave it empty and the calculator works it out. Do not include the escrow part for property tax and insurance.

An amount on top of the regular payment. Check with your servicer that it goes to principal.

For example a bonus or a tax refund paid in the same month each year.

A single amount, such as money from a sale or an inheritance.

How many months from now the lump sum goes in.

Half the monthly payment every two weeks adds up to one extra monthly payment a year. Servicers handle biweekly plans in different ways, so ask how yours is credited.

optional · From your loan documents.

optional

New payoff date: —

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.

Put this mortgage in your Cindrus overview
Create a free Cindrus account With a free Cindrus account you can record this balance as a debt next to your home and other assets, in US dollars. When a new statement arrives, update it and your net worth follows.
The result assumes:
  • 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.

How the payoff is worked out

Each month's interest is the balance times the annual rate divided by twelve. The rest of the payment, and every extra amount, goes to principal. When the balance reaches zero, the loan is paid off.

A biweekly plan is modeled as one extra monthly payment spread over the year. Your servicer's method can differ.

Sources

  1. 12 CFR 1026.43 (Regulation Z)
  2. CFPB: «What is a prepayment penalty?»
  3. 12 CFR 1026.36 (Regulation Z)
  4. CFPB: «What is a payoff amount and is it the same as my current balance?»

How to request a payoff statement →