FREE HOMEBUYER TOOLS
When will your loan be paid off?
Enter the amount borrowed, interest rate and loan term. See the monthly payment, payoff time and a month-by-month balance; extra payments are optional.
YOUR RESULTS
Your result will appear here.
Fill in the basic fields, then choose Calculate payoff schedule. Advanced options can stay closed for the basic calculation.
How to read an amortization schedule
Each row separates the payment into interest and principal, then shows the remaining loan balance. In a fixed-rate amortizing loan, interest generally declines as the outstanding balance falls. The schedule models regular monthly payments; your lender’s rounding and payment dates may differ.
How do extra payments change the payoff date?
Extra principal reduces the balance used to calculate later interest. Compare both the shortened term and interest savings, rather than assuming the required monthly payment will automatically fall.
A zero-interest example
A fictional $120,000 loan at 0% over 10 years requires $1,000 per month. Paying another $200 toward principal reduces the schedule from 120 to 100 months: 20 months sooner. Interest savings are $0 because the assumed interest rate is zero. This is an educational example, not a loan offer.
What is excluded?
This schedule excludes taxes, insurance, PMI, HOA, loan fees, rate changes, late fees and irregular payment timing. The mortgage calculator includes the monthly escrow and housing-cost estimates separately.