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Mortgage Payoff Calculator

How much interest can you save by increasing your mortgage payment? This financial calculator helps you find out. Click the "View Report" button to see a complete amortization payment schedule, and how much you can save on your mortgage!



  • Annual interest rate (APR)
    The yearly cost of a mortgage, including interest, mortgage insurance, and the origination fee (point(s)), expressed as a percentage. Maximum APR is 20%.


  • Mortgage length (years)
    Total length, or term, of your original mortgage in years. The most common lengths are 30 years and 15 years.


  • Original mortgage amount
    The original amount financed with your mortgage. Not to be confused with the remaining balance or principal balance.


  • Additional monthly payment
    Your proposed extra payment per month. This payment will be used to reduce your principal balance.


  • Scheduled payment
    Monthly principal and interest payment (PI) based on your original mortgage amount, term and interest rate.


  • Accelerated payment
    Scheduled payment plus additional monthly payment.


  • Total savings
    Total amount you would save in interest if you made the accelerated payment until your mortgage was paid in full.