{"tool":{"slug":"mortgage-payoff","name":"Mortgage payoff calculator","version":"2026-08-21","canonicalUrl":"https://carlo.finance/tools/mortgage-payoff?balance=250000&extra=500","jsonUrl":"https://carlo.finance/tools/mortgage-payoff.json?balance=250000&extra=500","pageUrl":"https://carlo.finance/tools/mortgage-payoff","parameters":[{"key":"balance","label":"Remaining balance","unit":"usd","min":0,"max":100000000,"default":300000,"sourceId":null,"help":"What you still owe on the mortgage, from your latest statement. The default is an example, not a statistic."},{"key":"rate","label":"Interest rate","unit":"percent","min":0,"max":30,"default":6.65,"sourceId":"pmms","help":"The annual rate on your note. The default is this week's 30-year survey average; an existing loan keeps its own rate, so enter yours."},{"key":"yearsLeft","label":"Years left","unit":"years","min":1,"max":40,"default":25,"sourceId":null,"integer":true,"help":"Years until the scheduled payoff. The default is an example, not a statistic."},{"key":"extra","label":"Extra principal each month","unit":"usd-per-month","min":0,"max":10000000,"default":200,"sourceId":null,"help":"Paid on top of the scheduled payment every month. The default is an example to change; zero shows the plain schedule."},{"key":"lump","label":"One-time principal payment now","unit":"usd","min":0,"max":100000000,"default":0,"sourceId":null,"help":"Optional. A single extra principal payment made now, on top of anything monthly; it cuts the balance before the next payment."}]},"inputs":{"balance":250000,"rate":6.65,"yearsLeft":25,"extra":500,"lump":0},"result":{"scheduledPayment":1711.52,"monthlyOutlay":2211.52,"baselineMonths":300,"newMonths":179,"monthsSaved":121,"baselinePayoffDate":"Aug 2051","payoffDate":"Jul 2041","baselineInterest":263457,"totalInterest":144060,"interestSaved":119397,"baselineTotalPaid":513457,"totalPaid":394060,"firstYear":{"interest":16317,"principal":10221},"yearly":[{"year":1,"paid":26538.3,"interest":16317.2,"principal":10221.1,"balance":239778.9},{"year":2,"paid":26538.3,"interest":15616.39,"principal":10921.91,"balance":228856.99},{"year":3,"paid":26538.3,"interest":14867.53,"principal":11670.77,"balance":217186.22},{"year":4,"paid":26538.3,"interest":14067.33,"principal":12470.97,"balance":204715.26},{"year":5,"paid":26538.3,"interest":13212.26,"principal":13326.04,"balance":191389.22},{"year":6,"paid":26538.3,"interest":12298.56,"principal":14239.74,"balance":177149.48},{"year":7,"paid":26538.3,"interest":11322.22,"principal":15216.08,"balance":161933.4},{"year":8,"paid":26538.3,"interest":10278.93,"principal":16259.37,"balance":145674.03},{"year":9,"paid":26538.3,"interest":9164.11,"principal":17374.19,"balance":128299.85},{"year":10,"paid":26538.3,"interest":7972.86,"principal":18565.44,"balance":109734.4},{"year":11,"paid":26538.3,"interest":6699.92,"principal":19838.38,"balance":89896.02},{"year":12,"paid":26538.3,"interest":5339.71,"principal":21198.59,"balance":68697.43},{"year":13,"paid":26538.3,"interest":3886.23,"principal":22652.07,"balance":46045.36},{"year":14,"paid":26538.3,"interest":2333.09,"principal":24205.21,"balance":21840.15},{"year":15,"paid":22523.61,"interest":683.46,"principal":21840.15,"balance":0}]},"drivers":[{"key":"rate","label":"Interest rate","step":1,"monthsDelta":-3,"interestDelta":21931,"sentence":"Each point on the rate adds $160 to the scheduled payment and $21,931 of interest over the remaining schedule."},{"key":"lump","label":"One-time principal now","step":10000,"monthsDelta":-12,"interestDelta":-15843,"sentence":"Each $10,000 of one-time principal now pays the loan off 12 months sooner and saves $15,843 of interest."},{"key":"extra","label":"Extra principal each month","step":100,"monthsDelta":-13,"interestDelta":-11477,"sentence":"Each $100 more of extra principal a month pays the loan off 13 months sooner and saves $11,477 of interest."}],"sensitivity":{"byExtra":[{"extra":0,"months":300,"totalInterest":263457,"payoffDate":"Aug 2051"},{"extra":100,"months":262,"totalInterest":224398,"payoffDate":"Jun 2048"},{"extra":200,"months":234,"totalInterest":196253,"payoffDate":"Feb 2046"},{"extra":500,"months":179,"totalInterest":144060,"payoffDate":"Jul 2041"},{"extra":1000,"months":130,"totalInterest":100947,"payoffDate":"Jun 2037"}],"byLump":[{"lump":0,"months":179,"totalInterest":144060,"payoffDate":"Jul 2041"},{"lump":5000,"months":173,"totalInterest":135930,"payoffDate":"Jan 2041"},{"lump":10000,"months":167,"totalInterest":128217,"payoffDate":"Jul 2040"},{"lump":25000,"months":151,"totalInterest":107334,"payoffDate":"Mar 2039"}]},"assumptions":[{"key":"balance","label":"Remaining balance","value":250000,"unit":"usd","provided":true,"source":null},{"key":"rate","label":"Interest rate","value":6.65,"unit":"percent","provided":true,"source":{"id":"pmms","name":"Freddie Mac Primary Mortgage Market Survey","url":"https://www.freddiemac.com/pmms","asOf":"2026-08-20","note":"30-year fixed-rate mortgage average 6.65%; 15-year 5.95%."}},{"key":"yearsLeft","label":"Years left","value":25,"unit":"years","provided":false,"source":null},{"key":"extra","label":"Extra principal each month","value":500,"unit":"usd-per-month","provided":true,"source":null},{"key":"lump","label":"One-time principal payment now","value":0,"unit":"usd","provided":false,"source":null}],"sources":[{"id":"pmms","name":"Freddie Mac Primary Mortgage Market Survey","url":"https://www.freddiemac.com/pmms","asOf":"2026-08-20","note":"30-year fixed-rate mortgage average 6.65%; 15-year 5.95%."}],"warnings":[],"disclaimer":"This models extra principal on a fixed-rate, fully amortizing mortgage, with a published default for the rate. It is not a payoff quote or financial advice. Your servicer's payoff statement, and your note's terms on prepayment, are the figures that count."}