Mortgage Payoff Calculator
See how much interest you save by paying extra toward your mortgage every month.
Assumptions used in this calculation
- Consistent extra payment: Assumes the same extra amount is added to every single monthly payment, without interruption, for as long as the loan runs.
- No prepayment penalty: Interest saved is calculated purely from the amortization schedule difference, it doesn't account for any prepayment penalty your lender may charge.
About this calculator
The mortgage payoff calculator models a fixed extra amount added to every monthly payment (rather than a single one-time lump sum), showing the reduced payoff time and interest saved.
Worked example
₹25,00,000 loan, 9%, 20 years, ₹5,000 extra/month
Result: Interest saved ≈ ₹11,82,873; payoff time reduced by 86 months
Was this helpful?