{"tool":{"slug":"mortgage-payoff","name":"Mortgage payoff calculator","version":"2026-08-21","canonicalUrl":"https://carlo.finance/tools/mortgage-payoff?balance=285000","jsonUrl":"https://carlo.finance/tools/mortgage-payoff.json?balance=285000","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":0,"max":40,"default":25,"sourceId":null,"integer":true,"help":"Whole years until the scheduled payoff. Put the leftover months in the next field rather than rounding: the rounding moves the payment and the date."},{"key":"monthsLeft","label":"Additional months left","unit":"months","min":0,"max":11,"default":0,"sourceId":null,"integer":true,"help":"The months on top of those whole years, so a statement reading 24 years 7 months is 24 here and 7 there. Zero if your term lands on a whole year."},{"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, on top of anything monthly, applied with your next payment; this month's interest is already charged on today's balance."}]},"inputs":{"balance":285000,"rate":6.65,"yearsLeft":25,"monthsLeft":0,"extra":200,"lump":0},"result":{"start":"2026-08-21","scheduledPayment":1951.14,"monthlyOutlay":2151.14,"baselineMonths":300,"newMonths":240,"monthsSaved":60,"baselinePayoffDate":"Aug 2051","payoffDate":"Aug 2046","baselineInterest":300342,"totalInterest":230768,"interestSaved":69574,"baselineTotalPaid":585342,"totalPaid":515768,"firstYear":{"interest":18739,"principal":7074},"yearly":[{"year":1,"paid":25813.66,"interest":18739.47,"principal":7074.2,"balance":277925.8},{"year":2,"paid":25813.66,"interest":18254.43,"principal":7559.24,"balance":270366.57},{"year":3,"paid":25813.66,"interest":17736.13,"principal":8077.53,"balance":262289.03},{"year":4,"paid":25813.66,"interest":17182.29,"principal":8631.37,"balance":253657.66},{"year":5,"paid":25813.66,"interest":16590.49,"principal":9223.18,"balance":244434.49},{"year":6,"paid":25813.66,"interest":15958.1,"principal":9855.56,"balance":234578.93},{"year":7,"paid":25813.66,"interest":15282.36,"principal":10531.31,"balance":224047.62},{"year":8,"paid":25813.66,"interest":14560.28,"principal":11253.38,"balance":212794.24},{"year":9,"paid":25813.66,"interest":13788.69,"principal":12024.97,"balance":200769.27},{"year":10,"paid":25813.66,"interest":12964.2,"principal":12849.46,"balance":187919.82},{"year":11,"paid":25813.66,"interest":12083.18,"principal":13730.48,"balance":174189.34},{"year":12,"paid":25813.66,"interest":11141.76,"principal":14671.9,"balance":159517.43},{"year":13,"paid":25813.66,"interest":10135.78,"principal":15677.88,"balance":143839.55},{"year":14,"paid":25813.66,"interest":9060.83,"principal":16752.83,"balance":127086.72},{"year":15,"paid":25813.66,"interest":7912.18,"principal":17901.48,"balance":109185.24},{"year":16,"paid":25813.66,"interest":6684.77,"principal":19128.9,"balance":90056.34},{"year":17,"paid":25813.66,"interest":5373.2,"principal":20440.46,"balance":69615.88},{"year":18,"paid":25813.66,"interest":3971.7,"principal":21841.96,"balance":47773.92},{"year":19,"paid":25813.66,"interest":2474.11,"principal":23339.55,"balance":24434.37},{"year":20,"paid":25308.21,"interest":873.84,"principal":24434.37,"balance":0}]},"drivers":[{"key":"rate","label":"Interest rate","step":1,"monthsDelta":-2,"interestDelta":37746,"sentence":"Each point on the rate adds $183 to the scheduled payment and $37,746 of interest over the remaining schedule."},{"key":"lump","label":"One-time principal now","step":10000,"monthsDelta":-16,"interestDelta":-25820,"sentence":"Each $10,000 of one-time principal now pays the loan off 16 months sooner and saves $25,820 of interest."},{"key":"extra","label":"Extra principal each month","step":100,"monthsDelta":-21,"interestDelta":-23171,"sentence":"Each $100 more of extra principal a month pays the loan off 21 months sooner and saves $23,171 of interest."}],"sensitivity":{"byExtra":[{"extra":0,"months":300,"totalInterest":300342,"payoffDate":"Aug 2051"},{"extra":100,"months":266,"totalInterest":260476,"payoffDate":"Oct 2048"},{"extra":200,"months":240,"totalInterest":230768,"payoffDate":"Aug 2046"},{"extra":500,"months":188,"totalInterest":173522,"payoffDate":"Apr 2042"},{"extra":1000,"months":139,"totalInterest":124104,"payoffDate":"Mar 2038"}],"byLump":[{"lump":0,"months":240,"totalInterest":230768,"payoffDate":"Aug 2046"},{"lump":5000,"months":232,"totalInterest":217446,"payoffDate":"Dec 2045"},{"lump":10000,"months":224,"totalInterest":204948,"payoffDate":"Apr 2045"},{"lump":25000,"months":201,"totalInterest":171731,"payoffDate":"May 2043"}]},"assumptions":[{"key":"balance","label":"Remaining balance","value":285000,"unit":"usd","provided":true,"source":null},{"key":"rate","label":"Interest rate","value":6.65,"unit":"percent","provided":false,"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":"monthsLeft","label":"Additional months left","value":0,"unit":"months","provided":false,"source":null},{"key":"extra","label":"Extra principal each month","value":200,"unit":"usd-per-month","provided":false,"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."}