# Mortgage Payoff Calculator

> See how much time and interest you can save by making extra payments on your mortgage.

Page: https://askcalculators.com/calculator/mortgage-payoff-calculator/
Definition: https://askcalculators.com/calculator/mortgage-payoff-calculator/definition.json
JSON Schema: https://askcalculators.com/calculator/mortgage-payoff-calculator/schema.json
Version: 20.1.0
Maintained by: AskCalculators (software project; not a credentialed reviewer)
Qualified review: pending. Automated checks do not establish professional approval.
Page status: Live
Review status: Pending

## Use
Open the calculator page and enter values. Query-string parameters can restore and bookmark a calculation.
Example: https://askcalculators.com/calculator/mortgage-payoff-calculator/?balance=250000&rate=6.5&currentPayment=1800&extraPayment=200

## Inputs
- balance: Current Balance ($); type=number; optional; default=250000
- rate: Interest Rate (%); type=number; optional; default=6.5
- currentPayment: Current Monthly Payment ($); type=number; optional; default=1800
- extraPayment: Extra Monthly Payment ($); type=number; optional; default=200

## Outputs
- originalMonths: Original payoff months; format=number
- newMonths: Accelerated payoff months; format=number
- interestSaved: Interest saved; format=currency; primary
- monthsSaved: Months saved; format=number

## Formula
Each month: interest = balance × monthly rate; payment = min(planned payment, balance + interest); new balance = balance + interest − payment. The two plans are simulated until payoff.

## Rules
- Empty optional inputs are undefined, not zero.
- Hidden conditional inputs are ignored.
- Do not invent missing required inputs.