The most motivating number in personal finance might be this one: how many years earlier your mortgage could be gone. Our new mortgage payoff calculator puts it front and center.
Enter your balance, rate, years remaining, and any extra monthly amount, and it runs the full month-by-month amortization twice — with and without the extra — to show you:
- Time saved — in years and months, not an abstract percentage.
- Interest saved — on a $250,000 balance at 6.5% with 25 years left, an extra $200/month saves about $64,928 in interest and 5½ years of payments.
- Your new payoff date — how long the loan actually lasts with the extra applied.
Everything runs in your browser, your inputs live in the URL so you can share a pre-filled result, and there’s an embeddable version for your own site. One practical reminder from the FAQ: make sure your servicer applies extra funds to principal — not to next month’s payment.