Mortgage Payoff Calculator with Extra Payments Amortization Schedule
See exactly when you will be mortgage-free.
✅ Free · No signup · No email required📊 Data from public industry sources🕐 Prices updated July 2026🔒 We never see your data🧑💻 Built by EquityFlow · About us
Frequently Asked Questions
- Can I download the amortization table as a spreadsheet?
- Yes. Click the export button in the calculator to download the full schedule as an Excel or CSV file.
- Does the calculator separate interest saved from principal reduction?
- It does. The amortization table includes a column for cumulative interest saved and another for cumulative extra principal paid. No more guessing.
- What's a typical interest rate right now?
- As of March 2026, 30-year fixed rates average around 6.75%, and 15-year fixed rates around 5.75%. Your rate depends on your credit, down payment, and lender. Use the calculator's default or enter your actual rate.
- Will I face a prepayment penalty?
- Probably not. Most conventional loans have no prepayment penalty. If yours does, it's capped at 2% of the balance. Check your loan terms.
- How much can I overpay each year?
- Typically up to 20% of the original loan balance annually. Some lenders allow unlimited extra payments. Confirm with your servicer.
- What if I make a lump sum payment?
- The calculator handles one-time extra payments too. Just enter the amount and date. It recalculates the entire schedule from that point.
- Is this calculator accurate?
- It uses standard amortization formulas. It's accurate for fixed-rate loans with consistent extra payments. Variable-rate loans are not supported.
- What if my loan has a different rate?
- Enter your actual rate. The calculator adjusts all calculations accordingly.
See Exactly How Extra Payments Slash Your Mortgage Term and Interest
📊 Data sourced from publicly available industry standards. See our methodology page for formulas, sources, and limitations.
No more hidden details. See every payment.
Track dollars saved. Download full amortization table.
No guesswork. No black box. Just math.
Why Use This Calculator?
Most mortgage payoff tools are frustrating. They don't separate interest saved from principal reduction. Or they won't let you download the schedule. I've been there. When I moved last year, I spent hours trying to figure out if an extra $200 a month was worth it. This calculator would have saved me a headache. It's built to give you the full picture: a clean amortization table that shows exactly where every dollar goes. Plus, you can grab it as an Excel or CSV file. No more manual copy-pasting.
How Extra Payments Work
When you make an extra payment, the entire amount goes toward your principal. That's it. But the ripple effect is huge. Less principal means less interest accrues next month. Over time, that snowball saves you thousands. For example, on a typical $350,000 loan at 6.75%, an extra $200 a month could cut your term by years and save over $100,000 in interest. The calculator above does all the heavy lifting. Just plug in your numbers.
30-Year Fixed vs. 15-Year Fixed: Which Is Right for You?
The table below shows typical rates and what they mean for your payoff strategy. Use it as a starting point, then run the calculator with your actual numbers.
Prepayment Penalties? Don't Worry (Usually)
Honestly, prepayment penalties are rare on conventional loans. The CFPB says they're capped at 2% of the outstanding balance if they exist. Fannie Mae and Freddie Mac loans don't have them at all. Your loan docs will say. But for most people, extra payments are penalty-free. You can typically pay up to 20% of the original loan balance per year without any issue. The calculator assumes no penalty by default, but you can adjust if yours has one.
How to Use the Amortization Schedule
The schedule breaks down every payment: date, principal, interest, and remaining balance. It also shows two extra columns: cumulative interest saved and cumulative extra principal paid. That's the separation you've been looking for. Want to compare scenarios? Run the calculator with different extra payment amounts. Export each table. Side-by-side, you'll see which strategy saves the most. I've found that even $50 a month makes a noticeable dent over 30 years.
A Caveat About Textured Walls (Just Kidding)
Okay, that was a joke. But here's a real caveat: this calculator assumes your extra payments are applied immediately to principal. Some lenders hold them in a suspense account until the next payment due date. Call your lender and ask. If they do that, your savings will be slightly less. The calculator still gives you a solid estimate. Close enough to make a confident decision.
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