See your exact payoff date, full payment breakdown, and how to save thousands in interest
What is this? This calculator tells you the exact month and year you'll pay off your mortgage, breaks down every payment into principal, interest, taxes, and insurance, and shows exactly how much of your money goes to the bank vs. building your equity. It also reveals the true cost of carrying a mortgage over 15 or 30 years.
Who it's for: Home buyers comparing loan offers, homeowners weighing a refinance, or anyone making extra payments and wanting to see exactly how much they'll save. Works for Conventional, FHA, and VA loans.
Loan Details
FHA Loan: Requires upfront MIP (1.75% of loan) + annual MIP for the life of the loan if down payment is under 10%.
VA Loan: Funding fee of 2.15% of loan added to principal (or can be financed). No PMI required.
PMI: Required because down payment is under 20%. Approx. $0/month added.
Your Mortgage Summary
Payoff Date
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Monthly P&I
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principal & interest
Total Monthly PITI
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incl. PMI
Total Interest Paid
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over full term
Total Loan Cost
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principal + interest
Interest Cost Ratio
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of original loan
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Monthly
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Lifetime Cost Breakdown
Total Principal
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Total Interest
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Total Taxes
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Total Insurance
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15-Year vs 30-Year Comparison
15-Year Term
Monthly P&I
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Total Interest
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Interest Saved
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30-Year Term
Monthly P&I
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Total Interest
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Monthly Difference
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Tip: A 15-year mortgage costs more per month but saves an enormous amount in interest. If you can afford the higher payments, it's almost always the better financial choice.
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Estimates only. Does not include HOA, flood insurance, or PMI for loans with PMI removed at 20% equity (PMI auto-removal is lender-dependent). Consult a lender for pre-approval.