---
title: "Mortgage Payoff Calculator: When Will Your Mortgage Be Paid Off?"
description: "Enter your balance, rate and monthly payment to see the exact month your mortgage is paid off, the interest left to pay, and how a bigger payment moves the date."
url: https://ownedoutright.com/us/mortgage-payoff-calculator/
---

US mortgage · Payoff date

# Mortgage payoff calculator

Enter what you owe now, your rate and your monthly payment, and see the month your mortgage is finally paid off — plus the interest left to pay between now and then.

By [Ethan Brooks](https://ownedoutright.com/about/) · Updated October 15, 2026 · [How we calculate](https://ownedoutright.com/methodology/)

## When will your mortgage be paid off?

Your payoff date depends on just three things: what you owe now, your interest rate, and how much you pay each month. The size of the original loan and how long ago you took it out don't matter any more — only the balance in front of you does. That's why this calculator starts from today's balance, so the date it gives is the one you can actually plan around.

## How the payoff date is worked out

Each month the lender charges interest on what you still owe: the balance times the annual rate, divided by 12, rounded to the cent. The rest of your payment comes off the principal, and the next month's interest is charged on that smaller balance. Because the balance keeps falling, less of each payment goes to interest and more goes to principal, so the loan clears faster and faster near the end.

Take a $250,000 balance at 6.5% with a $1,580.17 monthly payment. The first month's interest is $250,000 × 6.5% ÷ 12 = $1,354.17, so $226.00 comes off the balance. Keep going and the loan is paid off in 30 yrs 1 mo, after $318,862 of interest.

Calculated with the same engine as the calculator above, rounding interest to the cent each month.

## Why a bigger payment ends the loan sooner

Anything you pay above the interest goes straight to principal, and every dollar of principal you clear stops collecting interest for every remaining month. Early in a loan there are many of those months, so a small increase moves the date a surprising amount. On the same $250,000 balance, paying $1,780.17 instead of $1,580.17 — just $200 more — pays the loan off 8 yrs sooner and saves $97,618 in interest.

To see what monthly, yearly or one-off extra payments do to your own date, use the [extra payment calculator](https://ownedoutright.com/us/extra-payment-calculator/), and read [how to make extra mortgage payments](https://ownedoutright.com/us/guides/how-to-make-extra-mortgage-payments/) so your servicer applies the money to principal.

## If your payment barely covers the interest

A mortgage only pays itself off because your payment is more than the interest charged that month. If a payment is exactly one month's interest, the balance never moves; if it's less, the shortfall is added on and the balance grows. On the $250,000 example, one month's interest is about $1,354.17, so a payment near that figure would never clear the loan. A normal amortizing payment is comfortably above it — if this calculator says the loan never pays off, check the rate and payment you entered.

## Balance today isn't quite your payoff amount

The balance you enter is what you owe after your last payment. A payoff quote is slightly different: your servicer adds interest for each day until the loan is actually paid, and may add a small fee, so the real figure to clear the loan is usually a little higher than the balance. Use your balance here to find the date, then ask your servicer for an exact payoff amount before you send a final payment.

## Taxes and insurance aren't included

Enter your principal-and-interest payment only. Most monthly bills also include escrow for property taxes and homeowners insurance, and sometimes mortgage insurance, but those don't pay down the loan, so they don't change the payoff date. If you only know your full payment, your statement breaks out the principal and interest part to use here.

## Related tools

- [Amortization schedule](https://ownedoutright.com/us/amortization-schedule-calculator/): every payment with its date and the principal and interest split.
- [Extra payment calculator](https://ownedoutright.com/us/extra-payment-calculator/): how monthly, yearly or lump-sum extras move your payoff date.
- [PMI removal date](https://ownedoutright.com/us/pmi-removal-calculator/): when you can drop mortgage insurance on the way to payoff.
- [Should you pay off your mortgage early?](https://ownedoutright.com/us/guides/should-i-pay-off-my-mortgage-early/) What to weigh before you do.

## Questions people ask

### How do you work out when a mortgage will be paid off?

Each month the lender charges interest on what you still owe: the balance times the annual rate, divided by 12. Whatever is left of your payment reduces the balance, and the next month starts lower. The calculator repeats that until the balance reaches zero, then counts the months to give you the payoff date. On a $250,000 balance at 6.5% with a $1,580.17 payment, that's about 30 yrs 1 mo.

### Is my payoff amount the same as my current balance?

Not exactly. Your balance is what you owe after your last payment. A payoff quote from your servicer adds interest for each day until the day the loan is actually paid, and sometimes a small fee, so it's usually a little higher. Use your current balance here for the date, and ask your servicer for an exact payoff figure before you send a final payment.

### Does paying a little extra each month really move the date much?

Yes, because every extra dollar comes straight off the principal and stops collecting interest for the rest of the loan. On the $250,000 example, paying $200 more each month pays the loan off about 8 yrs sooner and saves $97,618 in interest. The extra payment calculator shows this for monthly, yearly or one-off amounts.

### What if my monthly payment doesn't cover the interest?

Then the loan never gets paid off. If your payment is at or below one month's interest — about $1,354.17 on the $250,000 example — the unpaid interest is added to the balance and it grows instead of shrinking. A real amortizing mortgage payment is always more than the interest; if yours isn't, check the rate and payment you entered, or ask your servicer.

For education and estimates only; not financial, tax or legal advice. Your lender's figures are final. See [How we calculate](https://ownedoutright.com/methodology/).

Source: https://ownedoutright.com/us/mortgage-payoff-calculator/