By Bill Lyons | Updated on May 30, 2025
TABLE OF CONTENTS

    KEY TAKEAWAYS

    • A mortgage payoff calculator allows you to calculate time and interest savings on a loan when making extra payments or applying alternative repayment strategies.
    • Using the mortgage payoff calculator, you can compare monthly payments with biweekly payments, larger monthly payments, and repayment in full.
    • By making bigger or more frequent mortgage payments, you can shorten your loan term, reduce the amount of interest you pay, and build equity faster.

    How the Mortgage Payoff Calculator Works

    In order to use our mortgage payoff calculator, there are a few key pieces of information you should have on hand:

    • Loan amount: Your original loan amount or your current balance if you don’t know your original loan amount.
    • Loan term: The length of your loan in years.
    • Interest rate: The current interest rate on your mortgage.

    Using the mortgage payoff calculator, you can try applying different repayment methods to see how they will impact the overall cost of your mortgage and repayment timeline:

    • Monthly repayment: This will show you what repayment looks like if you make standard monthly mortgage payments.
    • Biweekly repayment: By paying half of the monthly mortgage every two weeks, you will make one full extra mortgage payment per year (13 payments rather than 12 payments).
    • Repayment with extra payments: You can opt to add extra on to your mortgage payment on a monthly or yearly basis, or as a one-time lump sum.
    • Repayment in full: See how much you can save when you pay back your mortgage in full. Note that this doesn’t account for prepayment penalties or other associated fees that may be incurred.

    Once you have entered the required information, you’ll get a breakdown that includes the following results:

    • Payoff amount: How much it will cost in total to pay off the loan given your current loan balance, term, interest rate, and repayment method.
    • Total interest savings: How much you will save on interest by making extra payments versus standard monthly payments.
    • Total time savings: How much faster you will pay off your mortgage by making extra payments versus standard monthly payments.

    Mortgage Payoff Calculator

    Ready to calculate your mortgage payoff? Try out our mortgage loan payoff calculator below:

    Mortgage Payoff Calculator
    Mortgage Information
    Do you know the original loan amount and term?
    $
    years
    %
    years
    months
    $
    $
    %
    Repayment options:
    $ / month
    $ / year
    $ one time
    Payoff Results
    Payoff time: XX yrs X mos
    TOTAL INTEREST SAVINGS $ 0.00
    Original Total Interest: $X, XXX.XX
    New Total Interest: $X, XXX.XX
    Total Principal + Interest
    Original: $XX, XXXX
    W/ Extra Payments: $XX, XXXX
    TOTAL TIME SAVINGS X yrs, 0 mos
    XXXX XXXX
    Payoff Date
    Original: June XXXX
    W/ Extra Payments: March XXXX
    Show amortization table +
    Amortization Schedule
    Original (without payoff) With payoff
    Month Interest Principal End balance Interest Principal End balance
    ---

    Benefits of Using a Mortgage Payoff Calculator

    A mortgage payoff calculator is a great tool to get a clear picture of your loan over its lifetime. Using a mortgage payoff calculator can enable you to:

    • Compare different repayment strategies: If you’re curious to see how making extra payments or adopting a different repayment strategy can make an impact, the mortgage payoff calculator can help you visualize it. Compare a variety of early payoff strategies to standard monthly payments and see how much time and interest is associated with each method.
    • See how long it will take to pay off your mortgage: Your mortgage may have a 30-year term, but if you pay it off more quickly, you’ll end up paying less interest over time. An early mortgage payoff calculator can help you get a better picture of how you may be able to do so.
    • Estimate how much interest you’ll pay over time: In addition to paying your mortgage principal, you’ll also need to pay interest on your remaining loan amount. A mortgage payoff calculator can show you how much you end up paying in interest versus the principal amount.

    A smiling white woman with blonde hair sits on her couch and celebrates while looking at a mortgage statement.

    Other Helpful Calculators

    Interested in other tools to improve your financial literacy and help you plan for the years to come? Check out these helpful calculators:

    • DSCR Loan Calculator: Quickly estimate your debt service coverage ratio, which can help you evaluate whether you qualify for a DSCR loan.
    • Bank Statement Loan Calculator: Bank statement loans allow self-employed individuals to qualify for a mortgage without tax returns or pay stubs. See what you can qualify for based on your bank statements.
    • VA Loan Calculator: VA loans offer a great home financing opportunity to qualifying veterans and service members. See what a VA loan might look like for you.
    • VA Loan Affordability Calculator: Estimate how much home you can afford when using a VA loan.
    • Blended Rate Calculator: Do you juggle multiple loans, investments, or other financial products? This calculator can help you combine the interest rates of each into a single blended rate to get a clearer understanding of your finances.
    • Debt Consolidation Calculator: This tool is for borrowers who are struggling to pay off debt and considering refinancing. A debt consolidation calculator can help you see what it would look like to roll all of your debts into a single monthly payment.
    • 2/1 Buydown Calculator: A 2/1 buydown can help you dramatically reduce the amount of interest rate paid during the first two years of your mortgage. See how much with this tool.
    • Rent vs Buy Calculator: Compare the costs associated with renting versus buying and see which offers the better value in the long run.
    • Biweekly Mortgage Calculator: See how making biweekly payments on your mortgage can impact your loan term and interest paid.

    Find a Mortgage That Works for You

    At Griffin Funding, we offer a wide variety of flexible mortgage options designed for all kinds of borrowers. Whether you’re a real estate investor, a self-employed borrower, a veteran, or a first-time buyer, we can help you find a home loan that aligns with your finances.

    Ready to buy a home or refinance? Reach out to our team today to explore your mortgage options and find a loan with a repayment arrangement that works for you.

    Find the best loan for you. Reach out today!

    Get Started

    Frequently Asked Questions

    Is it a good idea to pay off your mortgage early?

    Whether or not paying off your mortgage early is a good idea depends on your particular circumstances and goals. Of course, there are upsides to paying off your mortgage early. Once your home is paid off, you’ll no longer have to worry about mortgage payments, you’ll have complete equity in the home, and you’ll own your home free and clear, which can not only be a financial benefit but a sense of pride for homeowners. By paying your mortgage off early, you’ll also save money on interest payments. 

    However, these benefits have to be weighed against the challenges that accompany extra mortgage payments. Many people simply cannot afford to pay off their mortgage early, and it’s often not a good idea to struggle to make extra mortgage payments just for the sake of paying off the loan faster. 

    Use our early mortgage payoff or speak with a real estate professional to get a better idea of whether paying off your mortgage early is worth it in your situation. 

    What are the downsides of paying off your mortgage early?

    A few of the downside of paying off your mortgage early include:

    • Greater financial burden: Making larger or more frequent mortgage payments can be a significant financial burden for many people who put a large chunk of their income towards paying their mortgage. 
    • Prepayment penalties: Some mortgages come with prepayment penalties, which are fees charged by the lender when the borrower pays off the mortgage early. If your mortgage comes with a prepayment penalty, take this into account when calculating whether paying it off early is worth it. 
    • Opportunity costs: If you put more money towards your mortgage, that’s money you’re not putting into other investments. Consider whether investments other than your mortgage may offer a higher return in the long run. 
    • Liquidity: By putting more money towards mortgage payments, you’re taking liquid funds and putting them into a non-liquid asset. While a home is typically a great investment, it’s not something you can sell overnight. With that being said, it’s likely not a good idea to neglect setting up an emergency fund at the expense of making extra mortgage payments. 

    How long does it usually take to pay off a mortgage?

    Mortgages typically come with 15- or 30-year terms. In most cases, home buyers take on a 30-year loan term, meaning it should take 30 years to completely repay the mortgage. However, loan terms can be longer or shorter depending on the mortgage product. For instance, hard money loans tend to come with much shorter terms than your average mortgage.
    Bill Lyons

    Bill Lyons is the Founder, CEO & President of Griffin Funding. Founded in 2013, Griffin Funding is a national boutique mortgage lender focusing on delivering 5-star service to its clients. Mr. Lyons has 23 years of experience in the mortgage business. Lyons is seen as an industry leader and expert in real estate finance. Lyons has been featured in Forbes, Inc., Wall Street Journal, HousingWire, and more. As a member of the Mortgage Bankers Association, Lyons is able to keep up with important changes in the industry to deliver the most value to Griffin's clients. Under Lyons' leadership, Griffin Funding has made the Inc. 5000 fastest-growing companies list five times in its 11 years in business.