Calculate monthly payments, total interest, and your full amortization schedule instantly. Compare rates and plan with confidence.
No sign-up required
Instant results
Full amortization table
Rate comparison
Mortgage details
Adjust values to see results instantly
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.
Comparing offers
How to actually compare mortgage offers
We are not a lender or broker, we do not list lenders, and we take no
referral fees. What follows is the method that saves people the most money — which is
worth considerably more than any sponsored list.
📋
Compare APR, not the headline rate
The interest rate is marketing. The APR folds in origination fees, points
and mortgage insurance, so it reflects what you will actually pay. Two loans quoting the same
rate can be thousands apart once fees are counted.
📝
Get three Loan Estimates
Every US lender must give you a standardised three-page Loan Estimate
within three business days of your application. It exists specifically so offers can be
compared line by line. Get at least three and compare page 2, where the fees live.
⏱
Shop inside a 45-day window
Multiple mortgage enquiries within a 45-day period count as one hard
inquiry under current credit scoring models. Shopping around properly does not meaningfully
hurt your score, provided you do it in one burst rather than over months.
💰
Ask what is negotiable
Origination fees, application fees, rate-lock extensions and points
frequently are. Appraisal and government recording fees generally are not. A competing Loan
Estimate in hand is the strongest lever you have.
📈
Work out the break-even on points
One point costs 1% of the loan to buy the rate down. Divide that cost by
the monthly saving to get your break-even in months. If there is any chance you move or
refinance before then, points lose you money.
🏦
Include credit unions and local banks
They often beat national lenders on fees and are more flexible on
self-employment or irregular income. They also advertise very little, which is exactly why
they rarely appear on comparison sites.
Mortgely is an information site. We are not a lender, mortgage broker or loan originator, we do
not generate or sell leads, and we accept no payment for placement or recommendation. Nothing
here is financial advice — verify any figure with a licensed professional before you
commit. Read the full guide →
Get your full amortization schedule by email
We'll send a copy of your results — no spam, unsubscribe anytime.
Mortgage tips
Make smarter decisions
Key things every home buyer should know before signing.
📈
Put 20% down if you can
Put down less than 20% and you will usually pay PMI — typically 0.5–1.5% of the loan amount per year, not the purchase price. On a $360k loan (10% down on a $400k home) that is roughly $1,800–$5,400 a year, until you reach 20% equity.
💰
Your rate matters more than you think
A 1% rate difference on a $350k loan over 30 years means about $81,000 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.
Guides
Understand the numbers
The calculator gives you a figure. These explain what drives it, and where
the money actually goes.
Free, instant, and no sign-up required. Know exactly what you are getting into before you sign.
📋 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 $108,000 in interest and cuts about 6.2 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.
Want to model a new mortgage too?
Switch to the Mortgage Calculator tab to calculate monthly payments, compare rates, and plan from the start.