Mortgage Payment & Payoff Date Calculator

This calculator helps you plan a mortgage the way you actually pay it: one monthly total that mixes principal, interest, and common escrows such as property tax, homeowner’s insurance, and HOA dues. Start with the loan amount, APR, and term; then add yearly tax, monthly insurance, and HOA if they apply. If you can afford a little more, include an extra monthly payment to see how many months you’ll shave off the loan and how much interest you’ll avoid.

The result layout is intentionally simple. You’ll see Estimated Total Monthly first so budgeting is easy at a glance. Below that, a tidy Breakdown separates principal & interest from your escrows and any extra going to principal. The Totals panel shows lifetime interest and months to payoff, and if you set a start month we’ll label the expected payoff date in plain language. A compact Snapshot summarizes key years—first, fifth, midpoint, and final—so you can sense the trajectory without scrolling through a huge table. If you still want every line, use the CSV link for a spreadsheet-ready schedule.

To pick inputs that reflect reality, match the APR to your loan quote and remember that we convert it to a monthly rate for amortization. For property tax, many markets fall between 0.5% and 2% of assessed value per year. Insurance scales with region and coverage; HOA fees vary widely. If you don’t escrow, you can enter zero for those fields and track them separately in your budget. The extra-payment field applies directly to principal after interest, which shortens the schedule and reduces interest compounding—use it to test a round-up strategy or biweekly equivalent by dividing your target extra across months.

How to read the numbers: the principal & interest component declines slowly as the balance falls, while escrows stay flat because they are entered as fixed amounts here. The payoff date reflects the month when the balance is driven to zero by the amortization process. If you add extra, you will usually see a meaningful drop in months to payoff even with modest sums. The interest saved line lets you compare scenarios quickly; it’s common to see four figures of savings from a small monthly top-up over a long term.

For planning, start conservative: model a slightly higher APR, include realistic taxes and insurance, and only then layer in extra payments. If rates fall or income rises, you can increase the extra or refinance; if they rise, you’ll still be within budget. Remember that this tool focuses on principal, interest, and common escrows only. Items like lender fees, points, mortgage insurance, and prepaid costs are outside scope; they can change your effective cost but not the core amortization math shown here.

Finally, keep an eye on cash flow. A comfortable total monthly payment beats an aggressive plan that you abandon after a few months. Use the snapshot to set milestones—such as reaching a specific balance by Year 5—and check in periodically. Small, steady improvements to your payment can compound into a much earlier payoff and thousands saved over the life of the loan.

• Monthly rate: r = (APR ÷ 100) ÷ 12.
• Payment formula: PMT = P·r / (1 − (1 + r)⁻ⁿ). When r = 0, PMT = P ÷ n.
• Each month we compute interest = balance × r; remaining payment (and any extra) goes to principal.
• Escrows: property tax/12 + insurance + HOA are added to show the total monthly you budget for.

Educational estimate; fees, PMI, points, and local rules vary by lender and jurisdiction.