🏁 Mortgage Payoff Calculator
Enter your remaining balance, rate, and current monthly payment to see exactly how long it will take to pay off your mortgage.
What This Calculator Does
This calculator tells you how many months it will take to pay off your remaining mortgage balance based on your current fixed payment amount, rather than assuming a specific loan term. It’s useful for checking your actual payoff timeline or seeing the effect of a payment you’re already making.
The Formula
Each month, interest is charged on the remaining balance at the monthly rate (annual rate divided by 12), and whatever is left of your payment after covering that interest reduces the principal. The calculator repeats this month by month until the balance reaches zero, adding up total interest paid along the way.
This tool is for general planning and educational purposes. If your payment is at or below the interest charged each month, the balance will never shrink, so the calculator flags that case instead of showing a misleading payoff time.