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Enter your numbers to see your payoff picture.
Advanced: estimate your payoff from the loan’s start date
Don’t know your exact balance? Most people remember when the loan started better than what they owe today. Enter the original terms and the date you want the payoff good through — the amortization schedule does the rest.
Original loan
Estimated payoff — good through —
Assumes on-time payments and no extra payments, recasts, or modifications since origination. Because mortgage interest is paid in arrears, interest accrues daily after each 1st-of-month due date — that’s the “accrued” line. Your servicer’s payoff statement is the official, binding figure.
How extra payments pay off your mortgage faster
Every dollar you pay above your required payment goes straight to principal — the balance you owe. Because interest is charged on that balance, reducing it early means you pay interest on a smaller amount for the rest of the loan. The effect compounds: even a modest extra amount each month can shorten your loan by years and save a substantial amount of interest.
Starting from your current balance, this calculator compares your standard payoff timeline to an accelerated one with extra principal payments, showing both the time and the interest you’d save. Before committing to extra payments, it’s worth confirming your loan has no prepayment penalty and weighing the payoff against other uses of the money — but for many homeowners, paying down the mortgage early is a powerful, low-risk win.
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Turn an estimate into a personalized quote
A calculator is a great starting point, but your actual options depend on your full picture. A licensed loan originator can give you real numbers with no obligation.
How to calculate your mortgage payoff amount
Calculating a mortgage payoff means figuring out the total amount needed to completely satisfy your loan as of a specific date. At its core, it starts with your current principal balance — the amount you still owe — and then accounts for the interest that has accrued up to the payoff date. Because interest accrues daily on most mortgages, the exact figure depends on the day you plan to pay. The calculator above lets you estimate this from your own numbers, using only what you enter, so you can get a sense of the amount before requesting an official figure.
For a precise, guaranteed number, you would request a payoff statement from your loan servicer — that document gives the exact amount valid through a specific date. The calculator is ideal for planning and understanding; the servicer’s payoff statement is the official figure when you are ready to act.
The mortgage payoff formula, with a worked example
The mortgage payoff formula is simpler than most people expect:
where daily interest rate = annual rate ÷ 365
Worked example: say your current balance is $412,000 at 6.5%, and your payoff will fund 18 days after your last payment posted. The daily interest is $412,000 × 0.065 ÷ 365 ≈ $73.37. Eighteen days of accrual adds 18 × $73.37 ≈ $1,320.66. Your payoff is therefore about $413,320.66, plus any recording or wire fees your servicer charges. That per-diem accrual is exactly why a payoff is always quoted “good through” a specific date — every extra day adds another day of interest.
Payoff quote vs. payoff statement
A payoff quote is an estimate — the kind this calculator produces, or the number a broker runs when comparing whether a refinance beats keeping your current loan. A payoff statement is the official, binding document from your loan servicer, valid through a stated date, with per-diem interest listed for late funding. Use quotes to plan and compare; order the statement when a sale or refinance is actually in motion. If you’re weighing a payoff against refinancing, that comparison — run properly, with today’s rates — is exactly what we do.
Why your payoff amount is higher than your balance
One of the most common surprises homeowners encounter is that their mortgage payoff amount is higher than the principal balance shown on their statement. This is normal, and understanding why helps you avoid confusion. Your balance reflects the principal you owe as of your last statement, but your payoff amount also includes the interest that has accrued since your last payment up to the actual payoff date — plus, in some cases, any applicable fees the servicer charges to process the payoff. Since interest keeps accruing each day until the loan is satisfied, the payoff figure is essentially your balance plus that accrued interest and any such charges.
This is exactly why a payoff amount is tied to a specific date: wait a week to pay, and a bit more interest has accrued, so the figure is slightly higher. It is also why the calculator and an official payoff statement both focus on a payoff date. Knowing this, the gap between your balance and your payoff makes complete sense.
Calculating payoff with extra payments
Many homeowners want to know how making extra payments changes their payoff — and this is where calculating ahead really pays off. Every extra dollar you put toward principal reduces the balance that future interest is calculated on, which shortens your payoff timeline and lowers the total interest you pay. By modeling extra monthly amounts or occasional lump sums, you can see how much sooner you would be mortgage-free and how much interest you would save. Our early payoff calculator is built specifically for exploring these extra-payment scenarios.
If your goal is an accelerated payoff, it is worth first confirming your loan has no prepayment penalty (most modern loans do not), and then deciding on a strategy that fits your budget. Our guide to payoff strategies walks through the common approaches.
Payoff when selling or refinancing
Calculating your payoff also matters at key moments — especially when selling your home or refinancing. When you sell, your mortgage payoff comes out of the sale proceeds, so knowing the figure tells you what to expect at closing; our guide on payoff when selling covers this in detail. When refinancing, the new loan pays off the existing one, so the payoff amount determines how the old loan is settled. In both cases, the servicer provides an official payoff good through a set date, and the calculator here helps you anticipate the number in advance.
Frequently asked questions
How do I calculate my mortgage payoff amount?
Start with your current principal balance, then add the interest that has accrued up to your intended payoff date (interest accrues daily on most mortgages), plus any payoff-processing fees a servicer may charge. The calculator above estimates this from your numbers; for the exact figure, request a payoff statement from your servicer.
Why is my mortgage payoff higher than my balance?
Your balance is the principal as of your last statement, but the payoff also includes interest accrued since your last payment up to the payoff date, plus any applicable fees. Because interest keeps accruing daily, the payoff is your balance plus that accrued interest and charges — which is why it is tied to a specific date.
What is included in a mortgage payoff amount?
The remaining principal, the interest accrued through the payoff date, and any fees the servicer charges to process the payoff. Unlike your statement balance, it reflects the exact cost to fully satisfy the loan as of a chosen date.
How do extra payments affect my payoff?
Extra payments go toward principal, reducing the balance future interest is calculated on. That shortens your payoff timeline and lowers total interest. You can model different extra-payment scenarios to see the impact on your payoff date and interest savings.
Is the mortgage payoff the same as the balance?
No. The balance is the principal owed as of your last statement; the payoff is the total to fully satisfy the loan as of a specific date, including accrued interest and any fees. The payoff is typically a bit higher than the balance.
How do I get my exact payoff amount?
Request a payoff statement (also called a payoff quote) from your loan servicer. It provides the precise amount valid through a specific date. The calculator here is for estimating and planning; the servicer’s statement is the official figure.
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