Calculate monthly payments, total interest, and your full amortization schedule instantly. Compare rates and plan with confidence.
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Mortgage details
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Home price $400,000
$
Down payment $80,000 (20%)
$
%
Loan term
Interest rate 6.50%
%
Loan type
Property tax (annual) $5,000
$
Home insurance
$
HOA / month
$
🏠
Enter your details to see results
Fill in the mortgage details on the left and your full payment breakdown will appear here.
Partner lenders
Compare today’s rates
Pre-qualified offers from top lenders. Rates updated daily.
QuickHome Loans
Featured
6.24%
30-year fixed APR
Min. down payment3%
Min. credit score620
Closing costs~2.1%
Approval time3–5 days
Rates are illustrative. Actual rates depend on your credit profile.
ClearPath Mortgage
Lowest fees
6.41%
30-year fixed APR
Min. down payment5%
Min. credit score640
Closing costs~1.4%
Approval time5–7 days
Rates are illustrative. Actual rates depend on your credit profile.
SwiftClose Bank
Fastest close
6.58%
30-year fixed APR
Min. down payment10%
Min. credit score680
Closing costs~1.8%
Approval time24–48 hrs
Rates are illustrative. Actual rates depend on your credit profile.
* Mortgely may receive compensation from lenders for referrals. Rates shown are for illustrative purposes and are not guaranteed offers.
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Mortgage tips
Make smarter decisions
Key things every home buyer should know before signing.
📈
Put 20% down if you can
A 20% down payment eliminates PMI, which typically costs 0.5–1.5% of the loan annually. On a $400k home that is $2,000–$6,000 per year in extra costs.
💰
Your rate matters more than you think
A 1% rate difference on a $350k loan over 30 years means roughly $70,000 more in total interest. Shop at least 3 lenders before committing.
📋
Get pre-approved early
A pre-approval letter shows sellers you are serious and locks in a rate for 60–90 days. It also reveals your real budget before you fall in love with a home you cannot afford.
⏱
Extra payments save thousands
Paying $100 extra per month on a $350k 30-year loan at 6.5% cuts the term by over 3 years and saves more than $40,000 in interest. Use the Payoff tab to model it.
🔑
Fixed vs ARM
Fixed rates give certainty for the life of the loan. ARMs start lower but reset after a set period. ARMs make sense if you plan to move within 7 years.
🏠
Budget beyond the mortgage
Property tax, insurance, HOA fees, and maintenance (budget 1% of home value per year) can add 30–50% on top of your principal and interest payment.
Pro features
Go deeper with Pro
The free calculator covers the basics. Pro unlocks advanced tools for serious buyers and professionals.
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Payoff calculator
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Reviews
Trusted by home buyers & agents
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"I used Mortgely to compare 6 different scenarios before our offer. The amortization table showed us exactly how much the 15-year vs 30-year difference was in real dollars. We saved over $90k."
Jennifer R.
First-time home buyer, Texas
★★★★★
"I send this to every client before we even start touring homes. The breakdown between principal, interest, tax, and insurance is clearer here than anything my bank gave me."
David K.
Real estate agent, Florida
★★★★★
"The rate comparison tool is what sold me on Pro. I plugged in rates from 4 different lenders and instantly saw the 30-year total cost difference. Made negotiating my rate much easier."
Priya M.
Home buyer, California
Ready to crunch your numbers?
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📋 Mortgage payoff calculator
Find out exactly what you owe today
Calculate your exact payoff amount, when your loan ends, and how much you save by making extra payments.
Exact payoff amount
Extra payment savings
Full remaining schedule
Payoff date calculator
Enter your original loan details and how many payments you have made to calculate your exact payoff amount.
Original loan amount
$
Interest rate
%
Loan term
yrs
Loan start date
Payments already made 0
Add extra payments to see how much interest you save and how many years you cut off your mortgage.
Extra monthly payment $0
$
One-time lump sum payment
$
Annual extra payment
$
Tip: One extra payment per year can cut 4–6 years off a 30-year mortgage and save tens of thousands in interest.
📋
Enter your mortgage details
Fill in your original loan and payments made to see your exact payoff amount and remaining schedule.
FAQ
Common payoff questions
What is a mortgage payoff amount?⌄
Your payoff amount is the total needed to completely satisfy your loan on a specific date. It includes the remaining principal, accrued interest to the payoff date, and any applicable fees. It is almost always slightly higher than your regular balance because of daily interest accrual between your last payment and the payoff date.
How do I get the official payoff amount?⌄
Contact your mortgage servicer and request a "payoff statement." This shows the exact amount needed on a specific date (valid for 10–30 days). The amount in this calculator is an estimate — always get the official figure before sending funds.
Are there penalties for paying off early?⌄
Most modern mortgages (Fannie Mae, Freddie Mac, FHA, VA) have no prepayment penalties. However, some private loans include a penalty clause of 2–4% of the balance if paid within the first 3–5 years. Check your loan documents before making large extra payments.
How much do extra payments actually save?⌄
Significantly more than most expect. On a $350,000 loan at 6.5% for 30 years, an extra $200/month saves approximately $82,000 in interest and cuts 6.5 years off the loan. Early extra payments have the biggest impact because they reduce principal on which all future interest is calculated.
What happens after I pay off my mortgage?⌄
Your lender will release the lien by filing a deed of reconveyance with your county recorder within 30–90 days. You will receive your promissory note marked "paid in full." Keep these documents permanently. You remain responsible for property taxes and insurance directly.
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