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
A small recurring extra payment toward a mortgage compounds into an outsized effect on total interest paid, because every rupee applied early stops accruing interest for the remaining years of the loan, but the size of that effect is nearly impossible to estimate without re-running a full amortization schedule. This calculator takes your loan amount, interest rate, tenure and a chosen extra monthly payment, then simulates the amortization schedule month by month with that extra amount applied on top of the regular EMI, tracking how much faster the principal balance falls. The outputs are the interest saved and the number of months shaved off the payoff time compared to the standard schedule. Manually recalculating an amortization table for every extra-payment scenario isn't practical by hand, this calculator turns it into changing one input.
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
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