Home Mortgage Payoff and Refinance Calculator

See how extra principal payments, or ending your mortgage insurance, shorten your home loan and cut the interest you pay. Enter your loan, add one or more stages of extra payments, and the results update right away. Everything is calculated in your browser; nothing you type is sent to us.

Your loan

Loan start monthThe month your first payment period began, such as 2021-03.

Calculate from monthUsually this month. Change it to see a past or future date.

Original loan amount ($)

Current loan balance ($)

Home value ($)Used to work out loan-to-value.

Loan term (years)

Interest rate (% per year)

Extra principal payments

Add an extra amount each month, starting in the month you choose. Add another stage to change the amount later. The values below are an example; replace them with yours.

Mortgage insurance (PMI or MIP)

My loan has mortgage insurance

When it ends, add that amount to my extra principal payments

Monthly PMI or MIP amount ($)

Loan-to-value where it ends (%)Most lenders drop PMI at 78% of the home value. Not every loan qualifies, and some require a minimum time; ask your lender.

How it works. The monthly payment is worked out from your original loan amount, term and rate. Each month the interest on your current balance is paid first and the rest of the payment reduces principal, along with any extra amount you chose. “Interest you save” is the difference between paying only the scheduled payment to the end of the loan and following your plan.

This calculator shows estimates for education. Your lender’s figures can differ because of how they round, when they apply extra payments, escrow, fees and your loan’s terms. The accuracy of the results is not guaranteed, and Bompus is not responsible for decisions made from them. Ask your lender before you change how you pay.