mortgage calculator

Mortgage Prepayment Calculator

Mortgage Prepayment Calculator to calculate early payoff for your mortgage payments based on desired monthly payment or the number of years until payoff. Loan Prepayment Calculator to calculate how much you can save in total interest payments with mortgage prepayment and early payoff. Early mortgage payoff calculator is easy to use and comes with an amortization schedule that shows you all the payment details.

Loan Prepayment Calculator

Mortgage Amount
$
Loan Terms
years
Interest Rate
Desired Monthly Payment
$
OR
# of years would you like to payoff your mortgage
years

Mortgage Payoff Calculator Results

Standard Monthly Payment (Principal & Interest):
$536.82
Additional Monthly Payment:
$263.18
Desire Monthly Payment:
$800.00
Payoff Date:
Jun, 2036
Total Interest Savings:
$51,705.90

Mortgage Payoff Amortization Schedule

Payment Date Payment # Interest Paid Principal Paid Total Payment Remaining Balance
Oct, 2021 1 $416.67 $383.33 $800.00 $99,616.67
Nov, 2021 2 $415.07 $384.93 $800.00 $99,231.74
Dec, 2021 3 $413.47 $386.53 $800.00 $98,845.20
Jan, 2022 4 $411.86 $388.14 $800.00 $98,457.06
Feb, 2022 5 $410.24 $389.76 $800.00 $98,067.29
Mar, 2022 6 $408.61 $391.39 $800.00 $97,675.91
Apr, 2022 7 $406.98 $393.02 $800.00 $97,282.89
May, 2022 8 $405.35 $394.65 $800.00 $96,888.24
Jun, 2022 9 $403.70 $396.30 $800.00 $96,491.94
Jul, 2022 10 $402.05 $397.95 $800.00 $96,093.99
Aug, 2022 11 $400.39 $399.61 $800.00 $95,694.38
Sep, 2022 12 $398.73 $401.27 $800.00 $95,293.11
Oct, 2022 13 $397.05 $402.95 $800.00 $94,890.16
Nov, 2022 14 $395.38 $404.62 $800.00 $94,485.54
Dec, 2022 15 $393.69 $406.31 $800.00 $94,079.23
Jan, 2023 16 $392.00 $408.00 $800.00 $93,671.22
Feb, 2023 17 $390.30 $409.70 $800.00 $93,261.52
Mar, 2023 18 $388.59 $411.41 $800.00 $92,850.11
Apr, 2023 19 $386.88 $413.12 $800.00 $92,436.98
May, 2023 20 $385.15 $414.85 $800.00 $92,022.14
Jun, 2023 21 $383.43 $416.57 $800.00 $91,605.56
Jul, 2023 22 $381.69 $418.31 $800.00 $91,187.25
Aug, 2023 23 $379.95 $420.05 $800.00 $90,767.20
Sep, 2023 24 $378.20 $421.80 $800.00 $90,345.40
Oct, 2023 25 $376.44 $423.56 $800.00 $89,921.84
Nov, 2023 26 $374.67 $425.33 $800.00 $89,496.51
Dec, 2023 27 $372.90 $427.10 $800.00 $89,069.41
Jan, 2024 28 $371.12 $428.88 $800.00 $88,640.54
Feb, 2024 29 $369.34 $430.66 $800.00 $88,209.87
Mar, 2024 30 $367.54 $432.46 $800.00 $87,777.41
Apr, 2024 31 $365.74 $434.26 $800.00 $87,343.15
May, 2024 32 $363.93 $436.07 $800.00 $86,907.08
Jun, 2024 33 $362.11 $437.89 $800.00 $86,469.19
Jul, 2024 34 $360.29 $439.71 $800.00 $86,029.48
Aug, 2024 35 $358.46 $441.54 $800.00 $85,587.94
Sep, 2024 36 $356.62 $443.38 $800.00 $85,144.55
Oct, 2024 37 $354.77 $445.23 $800.00 $84,699.32
Nov, 2024 38 $352.91 $447.09 $800.00 $84,252.24
Dec, 2024 39 $351.05 $448.95 $800.00 $83,803.29
Jan, 2025 40 $349.18 $450.82 $800.00 $83,352.47
Feb, 2025 41 $347.30 $452.70 $800.00 $82,899.77
Mar, 2025 42 $345.42 $454.58 $800.00 $82,445.19
Apr, 2025 43 $343.52 $456.48 $800.00 $81,988.71
May, 2025 44 $341.62 $458.38 $800.00 $81,530.33
Jun, 2025 45 $339.71 $460.29 $800.00 $81,070.04
Jul, 2025 46 $337.79 $462.21 $800.00 $80,607.83
Aug, 2025 47 $335.87 $464.13 $800.00 $80,143.70
Sep, 2025 48 $333.93 $466.07 $800.00 $79,677.63
Oct, 2025 49 $331.99 $468.01 $800.00 $79,209.62
Nov, 2025 50 $330.04 $469.96 $800.00 $78,739.66
Dec, 2025 51 $328.08 $471.92 $800.00 $78,267.74
Jan, 2026 52 $326.12 $473.88 $800.00 $77,793.86
Feb, 2026 53 $324.14 $475.86 $800.00 $77,318.00
Mar, 2026 54 $322.16 $477.84 $800.00 $76,840.15
Apr, 2026 55 $320.17 $479.83 $800.00 $76,360.32
May, 2026 56 $318.17 $481.83 $800.00 $75,878.49
Jun, 2026 57 $316.16 $483.84 $800.00 $75,394.65
Jul, 2026 58 $314.14 $485.86 $800.00 $74,908.79
Aug, 2026 59 $312.12 $487.88 $800.00 $74,420.91
Sep, 2026 60 $310.09 $489.91 $800.00 $73,931.00
Oct, 2026 61 $308.05 $491.95 $800.00 $73,439.05
Nov, 2026 62 $306.00 $494.00 $800.00 $72,945.04
Dec, 2026 63 $303.94 $496.06 $800.00 $72,448.98
Jan, 2027 64 $301.87 $498.13 $800.00 $71,950.85
Feb, 2027 65 $299.80 $500.20 $800.00 $71,450.65
Mar, 2027 66 $297.71 $502.29 $800.00 $70,948.36
Apr, 2027 67 $295.62 $504.38 $800.00 $70,443.98
May, 2027 68 $293.52 $506.48 $800.00 $69,937.49
Jun, 2027 69 $291.41 $508.59 $800.00 $69,428.90
Jul, 2027 70 $289.29 $510.71 $800.00 $68,918.19
Aug, 2027 71 $287.16 $512.84 $800.00 $68,405.35
Sep, 2027 72 $285.02 $514.98 $800.00 $67,890.37
Oct, 2027 73 $282.88 $517.12 $800.00 $67,373.24
Nov, 2027 74 $280.72 $519.28 $800.00 $66,853.97
Dec, 2027 75 $278.56 $521.44 $800.00 $66,332.52
Jan, 2028 76 $276.39 $523.61 $800.00 $65,808.91
Feb, 2028 77 $274.20 $525.80 $800.00 $65,283.11
Mar, 2028 78 $272.01 $527.99 $800.00 $64,755.13
Apr, 2028 79 $269.81 $530.19 $800.00 $64,224.94
May, 2028 80 $267.60 $532.40 $800.00 $63,692.54
Jun, 2028 81 $265.39 $534.61 $800.00 $63,157.93
Jul, 2028 82 $263.16 $536.84 $800.00 $62,621.09
Aug, 2028 83 $260.92 $539.08 $800.00 $62,082.01
Sep, 2028 84 $258.68 $541.32 $800.00 $61,540.68
Oct, 2028 85 $256.42 $543.58 $800.00 $60,997.10
Nov, 2028 86 $254.15 $545.85 $800.00 $60,451.26
Dec, 2028 87 $251.88 $548.12 $800.00 $59,903.14
Jan, 2029 88 $249.60 $550.40 $800.00 $59,352.73
Feb, 2029 89 $247.30 $552.70 $800.00 $58,800.04
Mar, 2029 90 $245.00 $555.00 $800.00 $58,245.04
Apr, 2029 91 $242.69 $557.31 $800.00 $57,687.72
May, 2029 92 $240.37 $559.63 $800.00 $57,128.09
Jun, 2029 93 $238.03 $561.97 $800.00 $56,566.12
Jul, 2029 94 $235.69 $564.31 $800.00 $56,001.82
Aug, 2029 95 $233.34 $566.66 $800.00 $55,435.16
Sep, 2029 96 $230.98 $569.02 $800.00 $54,866.14
Oct, 2029 97 $228.61 $571.39 $800.00 $54,294.75
Nov, 2029 98 $226.23 $573.77 $800.00 $53,720.97
Dec, 2029 99 $223.84 $576.16 $800.00 $53,144.81
Jan, 2030 100 $221.44 $578.56 $800.00 $52,566.25
Feb, 2030 101 $219.03 $580.97 $800.00 $51,985.27
Mar, 2030 102 $216.61 $583.39 $800.00 $51,401.88
Apr, 2030 103 $214.17 $585.83 $800.00 $50,816.05
May, 2030 104 $211.73 $588.27 $800.00 $50,227.79
Jun, 2030 105 $209.28 $590.72 $800.00 $49,637.07
Jul, 2030 106 $206.82 $593.18 $800.00 $49,043.89
Aug, 2030 107 $204.35 $595.65 $800.00 $48,448.24
Sep, 2030 108 $201.87 $598.13 $800.00 $47,850.11
Oct, 2030 109 $199.38 $600.62 $800.00 $47,249.48
Nov, 2030 110 $196.87 $603.13 $800.00 $46,646.36
Dec, 2030 111 $194.36 $605.64 $800.00 $46,040.72
Jan, 2031 112 $191.84 $608.16 $800.00 $45,432.55
Feb, 2031 113 $189.30 $610.70 $800.00 $44,821.85
Mar, 2031 114 $186.76 $613.24 $800.00 $44,208.61
Apr, 2031 115 $184.20 $615.80 $800.00 $43,592.82
May, 2031 116 $181.64 $618.36 $800.00 $42,974.45
Jun, 2031 117 $179.06 $620.94 $800.00 $42,353.51
Jul, 2031 118 $176.47 $623.53 $800.00 $41,729.99
Aug, 2031 119 $173.87 $626.13 $800.00 $41,103.86
Sep, 2031 120 $171.27 $628.73 $800.00 $40,475.13
Oct, 2031 121 $168.65 $631.35 $800.00 $39,843.77
Nov, 2031 122 $166.02 $633.98 $800.00 $39,209.79
Dec, 2031 123 $163.37 $636.63 $800.00 $38,573.16
Jan, 2032 124 $160.72 $639.28 $800.00 $37,933.88
Feb, 2032 125 $158.06 $641.94 $800.00 $37,291.94
Mar, 2032 126 $155.38 $644.62 $800.00 $36,647.32
Apr, 2032 127 $152.70 $647.30 $800.00 $36,000.02
May, 2032 128 $150.00 $650.00 $800.00 $35,350.02
Jun, 2032 129 $147.29 $652.71 $800.00 $34,697.31
Jul, 2032 130 $144.57 $655.43 $800.00 $34,041.89
Aug, 2032 131 $141.84 $658.16 $800.00 $33,383.73
Sep, 2032 132 $139.10 $660.90 $800.00 $32,722.83
Oct, 2032 133 $136.35 $663.65 $800.00 $32,059.17
Nov, 2032 134 $133.58 $666.42 $800.00 $31,392.75
Dec, 2032 135 $130.80 $669.20 $800.00 $30,723.55
Jan, 2033 136 $128.01 $671.99 $800.00 $30,051.57
Feb, 2033 137 $125.21 $674.79 $800.00 $29,376.78
Mar, 2033 138 $122.40 $677.60 $800.00 $28,699.19
Apr, 2033 139 $119.58 $680.42 $800.00 $28,018.77
May, 2033 140 $116.74 $683.26 $800.00 $27,335.51
Jun, 2033 141 $113.90 $686.10 $800.00 $26,649.41
Jul, 2033 142 $111.04 $688.96 $800.00 $25,960.45
Aug, 2033 143 $108.17 $691.83 $800.00 $25,268.62
Sep, 2033 144 $105.29 $694.71 $800.00 $24,573.90
Oct, 2033 145 $102.39 $697.61 $800.00 $23,876.29
Nov, 2033 146 $99.48 $700.52 $800.00 $23,175.78
Dec, 2033 147 $96.57 $703.43 $800.00 $22,472.35
Jan, 2034 148 $93.63 $706.37 $800.00 $21,765.98
Feb, 2034 149 $90.69 $709.31 $800.00 $21,056.67
Mar, 2034 150 $87.74 $712.26 $800.00 $20,344.41
Apr, 2034 151 $84.77 $715.23 $800.00 $19,629.18
May, 2034 152 $81.79 $718.21 $800.00 $18,910.96
Jun, 2034 153 $78.80 $721.20 $800.00 $18,189.76
Jul, 2034 154 $75.79 $724.21 $800.00 $17,465.55
Aug, 2034 155 $72.77 $727.23 $800.00 $16,738.32
Sep, 2034 156 $69.74 $730.26 $800.00 $16,008.07
Oct, 2034 157 $66.70 $733.30 $800.00 $15,274.77
Nov, 2034 158 $63.64 $736.36 $800.00 $14,538.41
Dec, 2034 159 $60.58 $739.42 $800.00 $13,798.99
Jan, 2035 160 $57.50 $742.50 $800.00 $13,056.48
Feb, 2035 161 $54.40 $745.60 $800.00 $12,310.89
Mar, 2035 162 $51.30 $748.70 $800.00 $11,562.18
Apr, 2035 163 $48.18 $751.82 $800.00 $10,810.36
May, 2035 164 $45.04 $754.96 $800.00 $10,055.40
Jun, 2035 165 $41.90 $758.10 $800.00 $9,297.30
Jul, 2035 166 $38.74 $761.26 $800.00 $8,536.04
Aug, 2035 167 $35.57 $764.43 $800.00 $7,771.60
Sep, 2035 168 $32.38 $767.62 $800.00 $7,003.99
Oct, 2035 169 $29.18 $770.82 $800.00 $6,233.17
Nov, 2035 170 $25.97 $774.03 $800.00 $5,459.14
Dec, 2035 171 $22.75 $777.25 $800.00 $4,681.89
Jan, 2036 172 $19.51 $780.49 $800.00 $3,901.39
Feb, 2036 173 $16.26 $783.74 $800.00 $3,117.65
Mar, 2036 174 $12.99 $787.01 $800.00 $2,330.64
Apr, 2036 175 $9.71 $790.29 $800.00 $1,540.35
May, 2036 176 $6.42 $793.58 $800.00 $746.77
Jun, 2036 177 $3.11 $746.77 $749.88 $0.00

Original vs. Mortgage Payoff

Original Payoff
Monthly Payment $536.82 $800.00
Total Interest $93,255.78 $41,549.88
Total Principal $100,000.00 $100,000.00
Total Payment $193,255.78 $141,549.88
Total Interest Savings $0 $51,705.90
Payoff Date Sep, 2051 Jun, 2036

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Loan Prepayment Calculator

The prepayment mortgage calculator is like a combination of the mortgage payoff calculator and the early mortgage payoff calculator. You will get an amortization schedule on your new monthly payments with total principal and interest information. View, save or download your amortization schedule as PDF.


How to Payoff Your Mortgage Early?

The main reason that we want to payoff our mortgage early is to save money on interest. In a 30-year fixed rate mortgage, the interest payment that we make is probably very close than the mortgage itself. If you factor in other fees such as property tax, insurance and PMI, the interest payment that we make will exceeded the principal. One way to reduce interest payment is to payoff your mortgage early by making extra payments towards principal. The extra payment could be an one time lump-sum payment, recurring payments, an increase in monthly payment or making biweekly payments instead of monthly payments. Using the biweekly mortgage schedule, you will be able to pay one extra payment each year and will payoff your mortgage years earlier and thousands of dollars saved on interest payment. You can use our biweekly mortgage calculator to estimate how much you can save.


Is Early Mortgage Payoff Right For You?

  • Are you going to live the house for decades?
  • The benefits of extra payments will only be realized if you are staying at the current house for at least 15 years if you have a mortgage with a 30 year term. If you are planning to sell the house in a few years, the savings on interest may be minimum because there may be fess that are associated with paying off your mortgage early.
  • Can you afford the extra payment?
  • Making extra payments means you need to have more savings in your bank account. If your salary and spending stays the same, it maybe a little difficult to afford the extra payment.
  • Is there any other better investment opportunities? 
  • Making extra payments also means that you will tie more money on the mortgage and you may lose other investment opportunities such as stocks, bonds or business.



What is a prepayment penalty?

There are things that you need to be aware of before starting making extra payments for early payoff. First, you have to check with the lender to see if there are any penalties for making extra payments. In a lender's perspective, they make money when a borrower pays the maximum amount of interest on a mortgage, so they may not like to see borrowers payoff their mortgages too early. Therefore, some lenders may pose a penalty for borrowers who switch to biweekly payment plan or other options to payoff their mortgages early.


How to use our early mortgage payoff calculator

The early mortgage payoff calculator allows you to find out how much interest you will save paying off your mortgage early. There are two ways to use the early mortgage payoff calculator.

  • Desired Monthly Payment - by increasing the amount of your current monthly payment, you will see how much interest you will save and how many years earlier will your mortgage be payoff. For example, if you take out a mortgage of $300,000 on a 30 year term with a fixed interest rate of 5%, you monthly mortgage payment would be $1,610.46. If you increase the monthly payment to $2,000, you will payoff your mortgage 10 years earlier with interest savings as much as $107,988.83. 

  • Number of years would you like to payoff your mortgage - You can enter how many years that you would like your mortgage be payoff, and see how much more you need to pay each month to achieve your early payoff goal. For instance, if you have a mortgage of $200,000 with 5% interest on a 30 year term, your monthly payment will be around $1,073.64. If you want to payoff your mortgage 5 years earlier than the 30 year term, you will only have to increase your monthly payment by $95.54 for a total monthly payment of $1,169.18.

Please note the early mortgage payoff calculator does not take into account for other fees such as tax and insurance as well as private mortgage insurance if your down payment is less than 20% for your property.


Mortgage Prepayment Definition

Mortgage Amount - this your original mortgage amount that you applied for. Loan Terms - your original mortgage terms in years, 15 year and 30 year are the most common terms. Interest Rate - the interest rate for your mortgage Desired Monthly Payment - this is the monthly payments that you want to make in order to payoff your mortgage early. If you are currently paying a monthly payment of $1,000, and you increase it by $200, then you will enter an amount of $1,200 for this field. # of years would you like to payoff your mortgage - Check how much more in monthly payment you need to make if you want to payoff your mortgage in certain years. For example, if you are on a 30 year term, you may enter a value for 25 years, and see how much you can save in interest payment.


Early Mortgage Payoff Calculator

Our early mortgage payoff calculator will show you the standard monthly payment, additional payment, payoff date, and total interest savings. You will also get a mortgage payoff amortization schedule that shows you the details of each monthly payment, such as interest and principal paid, and remaining balance. In addition, you can view an original mortgage vs. early mortgage payoff comparison table that shows you the total interest and payment, total interest savings and the payoff date. Best of all, you can print or save the mortgage payoff amortization schedule in pdf format or share your calculations with others by copying the calculation link.




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