Enter your current balance, interest rate, and monthly principal and interest payment. The calculator shows when your mortgage will be paid off, how many payments are left, and how much interest you'll still pay along the way. Most people are surprised by the last number.
For every $1 you still owe, you'll pay about in interest.
All three are on your latest mortgage statement or your servicer's website.
Current balance: your principal balance, not the payoff amount.
Interest rate: your note rate.
Monthly payment: only the principal and interest portion. If your payment includes escrow for taxes and insurance, use the "principal and interest" line.
Payoff date is when your balance reaches zero if you pay exactly this amount every month.
Interest remaining is what you'll still pay the bank between now and then. On a $400,000, 30-year loan at 6.5%, total interest over the life of the loan is $510,178, more than the loan itself.
Interest per dollar owed shows how much interest you'll pay for every dollar you still owe. We explain why it's so high in why early payments go to interest.
Change the payment amount and watch the date move. Every extra dollar toward principal shortens the loan and cuts interest. For every strategy compared, see how to pay off your mortgage faster.
There's also a different approach. Ridgewell's Mortgage Accelerator Program is designed to change how your mortgage is structured so the income you already have does more of the work. For qualifying households, it is designed to pay off a home in as little as 5 to 7 years.
Payoff timelines are illustrations for qualifying households and are not guaranteed.
Run your numbers, then get a free payoff projection. A licensed agent will show you your current payoff date next to what's possible with your real income and expenses.
Calculator results are estimates based on standard amortization, principal and interest only, and assume the same payment every month. They are not an offer or advice. Your servicer's figures may differ slightly.
You need three numbers from your latest statement: your current principal balance, your interest rate, and your monthly principal and interest payment. This calculator uses them to find how many payments are left.
On most mortgages, early payments go mostly to interest, so the balance falls slowly at first. On a $400,000 loan at 6.5%, about 85% of the first year's payments go to interest.
No. Use only the principal and interest part of your payment. Taxes, insurance, and PMI don't change how fast the loan itself is paid off.
Pay more toward principal, especially early in the loan, or change how your mortgage is structured. A free payoff projection shows what's possible with your real numbers.