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Mortgage Payoff Calculator

Estimate how many months it will take to pay off your mortgage when you make a fixed monthly payment.

Results

Months to payoff
183.72
Years to payoff
15.31

How to use this calculator

  1. Enter your remaining balance, monthly payment, and APR.
  2. We solve for the number of payments needed at that payment level.
  3. See payoff months and years so you can plan extra payments or refinancing.

Inputs explained

Remaining balance
Current principal left on the loan.
Monthly payment
What you plan to pay each month (P&I). Higher payments shorten payoff time.
Interest rate (APR)
Annual interest rate on the loan.

How it works

We use the standard amortization formula and solve for n (number of payments) based on the monthly payment amount.

The more you pay over the minimum, the faster n drops—this calculator quantifies that change instantly.

Formula

n = log(PMT / (PMT - balance * r)) / log(1 + r)
Where r = APR / 12
Payoff years = n / 12

When to use it

  • Planning extra payments to hit a target payoff date.
  • Testing refinance scenarios by adjusting payment and rate.
  • Budgeting for an accelerated payoff vs minimum payment schedule.

Tips & cautions

  • Payments above the scheduled minimum reduce term quickly—try a few values.
  • Exclude escrow (taxes/insurance) here; this is P&I only.
  • For lump sums, reduce the balance by the lump amount, then recalc to see the new payoff timeline.
  • Assumes fixed-rate monthly payments; no ARMs or payment resets modeled.
  • Does not include PMI, taxes, insurance, or fees.
  • Negative amortization scenarios are not handled—payment must cover interest.

Worked examples

$300k balance, $2,500 payment, 6% APR

  • Monthly rate = 0.06 / 12 = 0.005
  • n ≈ 166.7 payments
  • Payoff ≈ 13.9 years

Add $500 extra per month

  • Payment = $3,000
  • n drops to ≈ 134.7 payments
  • Payoff ≈ 11.2 years

Deep dive

This mortgage payoff calculator solves for how many payments remain given your balance, APR, and monthly payment. Enter your numbers to see payoff months and years and test how extra payments change the term.

Use it to plan accelerated payoff strategies or compare refinance options. It models principal and interest only—escrow items aren’t included.

FAQs

Does this include escrow or PMI?
No. Only principal and interest are modeled. Escrow items do not affect payoff speed.
Can I model lump-sum payments?
Enter your new balance after the lump sum, then rerun the calculation to see the updated payoff timeline.
What if my payment is too low to cover interest?
Negative amortization isn’t supported. Increase the payment until it exceeds the interest portion.
Does refinancing change the payoff math?
Refinancing resets balance, rate, and term. Enter the new balance/rate/payment to see the new payoff duration.
How do biweekly payments factor in?
This calculator assumes monthly payments. Biweekly plans effectively add one extra monthly payment per year—enter a higher monthly equivalent to approximate.

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Estimates only. Confirm payoff schedules with your lender before making financial decisions.