Mortgage Loan Calculator

mortgage loan calculator payoff spreadsheet
When you’ve already got a mortgage, it’s too late to try to save money by getting a better rate or better terms. It’s not too late, however, to see how quickly you can pay off your loan by making extra payments. If you’re getting a new mortgage, you can also see what extra payments will do for you.

I was curious to see what difference making extra payments makes on reducing the time it takes to pay down a mortgage loan, so I made a new spreadsheet. Here’s what I figured out by playing around with the numbers: The longer the amount of time remaining on your loan, the more of a difference it makes when you pay a little more each month, or make an extra annual payment, or even a one-time payment.

Here’s what the calculator will do for you:

Enter the terms of your loan in the calculator, as well as how much extra you’re willing to pay on your mortgage each month, each year, or just once over the life of your mortgage. The calculator will tell you how soon your mortgage will be paid off both with and without extra payments. It will also tell you how much faster you’ll pay off your mortgage loan, and how many months of loan payments you’ll save by making extra payments.

Click Here to Get The Best Mortgage Payoff Tool Ever

Click here to download the Mortgage Loan Calculator

{ 9 comments… read them below or add one }

shaf July 12, 2007 at 2:21 pm



Adam January 22, 2008 at 2:58 pm

I entered 0 into all three “extra payments” boxes so I could see the amortization without extra payments, and it tells me, “You save -5 months with extra payments.”

What happened?


Sean April 20, 2008 at 6:34 am


Looks like you found a bug :) I’ll figure out what happened, and repost the spreadsheet.



Fred October 9, 2009 at 11:01 am

Hi Sean, ………. Thank you for a great site. In using your Mortgage Loan Calculator for a 30 year mortgage at an annual rate of 7% interest your program produces a monthly payment of $661.44 ( with no extras). My eight digit calculator produces $665.30 for the same time and interest. McGraws-Hill’s Interest Amortization Tables says $665.31. Who is correct. Fred


Sean October 12, 2009 at 1:36 am


I ran the calculations in Excel, and you’re right – $665.30 for a $100,000 loan at 7%. I’ll have to review my Mortgage Loan Calculator’s formulas and see where the glitch is. Thanks for the heads-up, and I hope you’re not too disappointed by the error.

Feel free to check out the rest of my free financial spreadsheets.


Deadbeat Dads September 11, 2010 at 11:01 pm

Hey Sean thanks for the calculators. We are always looking for good financial resources and tools for our clients.


FAQ My Mortgage October 15, 2010 at 5:35 am


There seems to be a small problem with the excel calculator. It is calculating the monthly payments but seems to be having some problems with the amortization table.

Some of the first line shows OK, but the rest of the table shows errors. Looks like it might be a simple problem to sort out. Don’t know if it is worth sorting this one out, or do you have a new mortgage calculator?



military financing October 21, 2010 at 6:46 am

it would’ve been so much better if i would’ve found this article before 2009. I think such information would be of great value for more than 70% of U.S population. Thank you very much for this calculator (“tip”) and i will surely pass it on to as many people as possible. Americans need to know that there are other strategies when it comes to mortgage.


consider July 26, 2013 at 6:55 pm

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