Mortgage Payoff Calculator

Discover how much time and interest you save by making extra mortgage payments.

Mortgage Payoff Calculator

Monthly EMI

₹43,391

Outstanding Balance

₹50,00,000

Total Interest (Original)

₹54,13,879

Savings with Extra ₹5,000/month

Time Saved

4y 5m

Interest Saved

₹13,89,250

Payoff in 15y 7m instead of 20y

Mortgage Payoff Calculator Formula & How It Works

New Balance = (Old Balance × (1 + r)) − (M + Extra)
  • M = Regular monthly payment
  • Extra = Additional principal payment
  • r = Monthly interest rate
  • Repeat until balance = 0 to find payoff date

Each extra payment reduces the outstanding balance directly, so less interest accrues in the next period. The loan pays off when cumulative principal payments equal the original loan amount. Even small extra amounts compound into large time and interest savings.

Mortgage Payoff Calculator FAQs

How much do I save by paying an extra $200/month?

On a $300,000 30-year mortgage at 7%, an extra $200/month saves approximately $86,000 in interest and cuts the term by about 6 years.

Is it better to make bi-weekly payments?

Bi-weekly payments result in 26 half-payments (= 13 full payments) per year instead of 12, effectively making one extra payment annually. This typically shortens a 30-year mortgage by about 4 years.

Should I pay off my mortgage early or invest?

If your mortgage interest rate exceeds your expected investment return (after tax), paying early wins. If investments return more, investing the extra is better. Most financial planners suggest balancing both.

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