Mortgage Payoff Calculator

Estimates only — your lender's disclosure governs. LoanMatchers is not a lender. Rates and terms vary by lender and creditworthiness. This page provides general educational information, not financial advice — consult a qualified professional before making financial decisions.

How it works

Extra payments go straight to principal, so each dollar cuts future interest. The calculator amortizes the balance with and without the extra payment and reports the months and interest saved.

Need a realistic rate? See the current mortgage rate benchmarks (cited official benchmarks).

Frequently asked questions

What does PITI mean?

Principal, Interest, property Tax, and homeowner's Insurance — the four parts of most mortgage payments. PMI (private mortgage insurance) and HOA dues may add a fifth and sixth part.

How much house can I afford?

Lenders commonly look for a back-end debt-to-income ratio around 36–43%. Enter your income, debts, down payment, rate, and term in the affordability calculator for a price estimate.

What is PMI and when does it apply?

Private mortgage insurance protects the lender when the down payment is below 20% of the home price. It is added to the monthly payment until enough equity is built.

Where does the benchmark mortgage rate come from?

Freddie Mac publishes national average 30-year and 15-year fixed rates every Thursday in its Primary Mortgage Market Survey — cited with the publication week on the mortgage rates page.