Mortgage Payment & Payoff Date Calculator
Estimate mortgage payments, escrows, and payoff in USD
Mortgage calculator FAQs
What does the monthly total include?
The total monthly figure combines principal and interest from the mortgage with any escrows you enter for property tax, homeowner’s insurance, and HOA dues. Extra payments, if any, are shown separately as additional money going to principal.
How do extra monthly payments help?
Any extra payment goes straight to principal after interest is covered for the month. That lowers the balance faster, which shrinks future interest charges and usually knocks years off a long mortgage. The calculator shows both interest saved and months saved versus a no-extra baseline.
Should I use APR or the note rate?
Most lenders quote both a note rate and an APR. APR folds in certain fees and is better for comparing offers. This calculator uses the percentage you enter as the annual rate for interest calculations, so using APR usually gives a more conservative view of cost.
Does this include PMI, fees, or closing costs?
No. This page focuses on the recurring payment: principal, interest, and typical escrows. Private mortgage insurance, origination fees, points, and closing costs vary widely and are not included. You can fold some of those into the loan amount if your lender finances them.
How accurate is the payoff date?
The payoff month is based on a steady fixed rate, regular payments, and the optional extra you enter. Real-life loans can change with rate resets, escrow adjustments, or lump-sum prepayments, so treat the date as an estimate rather than a guarantee.
How to use this mortgage payment & payoff calculator
1. Start with the core mortgage numbers
Begin with the three essentials: loan amount, APR, and term in years. The amount is the principal you actually borrow after down payment and financed fees. APR is the annual percentage rate from your loan estimate; the calculator converts it to a monthly rate for amortization. Term is usually 15, 20, or 30 years, but you can enter any whole year between 1 and 40. These three inputs define the principal and interest portion of your payment.
2. Layer in property tax, insurance, and HOA
Real-world payments are rarely just principal and interest. Many lenders collect property tax, homeowner’s insurance, and sometimes HOA dues in the same monthly payment. Enter yearly tax so the tool can divide it by 12, plus monthly estimates for insurance and HOA. The calculator treats these as flat escrows that sit on top of the mortgage. That keeps the loan math clean while still showing the total monthly hit your budget feels.
3. Experiment with extra monthly payments
The extra payment field lets you test small, consistent overpayments. An extra 100–200 USD per month on a long mortgage can translate into thousands of dollars in interest saved and a significantly earlier payoff. When you enter an extra, the calculator builds a second schedule where that amount goes to principal every month. You will see a new payoff time, total interest with extra, and a clear comparison against the baseline.
4. Use the payoff estimate and summaries to plan
If you provide a start month, the tool translates the number of months into an approximate calendar payoff date. Together with total interest, that helps you compare options like “30-year with extra” versus “15-year standard” in a concrete way. The summary block highlights loan amount, APR, term, monthly components, total interest, and any savings from extra payments, all in USD. Tap “Copy summary” to paste the breakdown into a note, spreadsheet, or email when you are talking with a lender or partner.
5. Keep the model conservative and revisit as life changes
For planning, it is safer to overestimate costs slightly. Use an APR that is a bit above your quote, include realistic escrows, and only then add an extra payment you are confident you can sustain. If income rises or rates fall, you can always pay more or refinance. If conditions tighten, you will be glad you planned with a cushion. Re-run the calculator when taxes change, insurance renews, or you adjust extra payments so your budget stays aligned with reality.
How the mortgage payment and payoff math is approximated
Let P be the loan amount (principal) in USD, a the annual percentage rate as a decimal (for example, 0.0525 for 5.25%), and Y the term in years. The number of monthly payments is n = 12Y. The monthly rate is r = a / 12. For a traditional fixed-rate mortgage with r > 0, the base monthly principal-and-interest payment is:
PMT = P × r / (1 − (1 + r)−n).
Each month, interest is computed as balance × r, and the rest of the payment goes to principal. When you add an extra monthly payment, that extra amount is applied after interest, directly reducing principal and shortening the schedule. Property tax is entered as a yearly number and divided by 12; insurance and HOA are already monthly. These escrows are added to the display totals but do not affect how interest accrues on the loan itself.
Total interest over the life of the loan is the sum of all monthly interest charges in the schedule. When you compare a base scenario against a scenario with extra monthly payments, the difference between the two interest totals is the interest saved, and the difference in the number of months is the time saved. All outputs are rounded to two decimal places and should be treated as planning estimates rather than an official offer or legal advice.