PAYOFF PLANNING

How to estimate your mortgage payoff date

Your scheduled payoff date assumes you make every required payment on time. Extra principal payments can move that date earlier because later interest is calculated on a lower balance.

Use current information

For a useful estimate, enter the original amount, original term, interest rate, and months already paid. Then add a lump sum or recurring extra payment. An estimate is only as reliable as the current rate and payment details you enter.

Keep rate changes in mind

For adjustable-rate mortgages, future rate changes can alter the actual payoff path. Re-run your scenario after a rate change or a meaningful change to your budget.