Use the free Mortgage Payoff Calculator on ToolVexa to estimate how long it will take to pay off a mortgage from the balance, interest rate and monthly payment.
How to Use
Enter the remaining loan balance, the annual interest rate and the monthly payment you plan to make, then press Calculate.
Formula in Plain Words
Monthly interest is the balance times the monthly rate. The payoff time is found from the standard loan formula using the monthly rate, the balance and the payment. Total paid is the payoff time in months times the monthly payment, and total interest is total paid minus the balance.
Worked Example
For a $200,000 balance at 6% with a $1,500 monthly payment, the calculator estimates about 221 months, or about 18 years and 5 months, with total interest of about $131,500.
FAQs
Does paying extra each month help?
Yes. A larger monthly payment usually shortens the payoff time and reduces total interest.
What if my payment only covers interest?
Then the balance will not fall. You need a payment above the monthly interest charge to pay the loan off.
Does this include taxes and insurance?
No. This calculator covers the loan balance and interest only, not taxes, insurance or fees.