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Mortgage Free Date Calculator

Work out mortgage free date instantly with clear inputs, formula shown and shareable results.

About Mortgage Free Date Calculator

Adding a fixed extra amount each month attacks principal directly, and on a long mortgage a modest overpayment typically removes several years. Comparing both schedules shows the interest that overpayment actually saves.

Formula

Mortgage payoff

Months = -ln(1 - balance × r / payment)/ln(1+r), computed with and without the extra payment

Worked example

With the default values below, Mortgage Free Date Calculator returns Months To Clear With The Extra Payment of 142.0. Change any input above and every figure here is recalculated in your browser.

Inputs used

Outstanding Mortgageminimum 0
4,200,000
Monthly Paymentminimum 0
42,000
Interest Rateaccepts 0–100 %
8.5 %
Extra Payment Each Monthminimum 0
5,000

Results

Months To Clear With The Extra Payment
142.0 months
Months To Clear On The Current Payment
174.6 months
Months Saved
32.6 months
Interest Saved
$657,414.07

Step by step

  1. 1Values used
  2. 2Mortgage payoff
  3. 3Months To Clear With The Extra Payment= 142.0 months
  4. 4Months To Clear On The Current Payment= 174.6 months
  5. 5Months Saved= 32.6 months
  6. 6Interest Saved= 657,414.07

Assumptions and limits

  • The result is derived only from the 4 inputs listed above. Anything not among them is not part of the calculation.
  • In particular, this calculator does not take inflation, tax, fees or charges or compounding frequency into account.
  • Figures are rounded for display to 2 decimal places, so totals built from several rounded parts can differ slightly from the unrounded arithmetic.
  • Figures are estimates for planning only. Prices, returns, inflation and personal circumstances all change. This is not financial or tax advice — speak to a qualified adviser before making decisions.

How these calculators are built and tested is described on the Methodology page. If a figure looks wrong, please report it.

Figures are estimates for planning only. Prices, returns, inflation and personal circumstances all change. This is not financial or tax advice — speak to a qualified adviser before making decisions.

Frequently Asked Questions

Is overpaying better than investing?

Compare the mortgage rate with the after-tax return you could earn. Overpaying is a guaranteed return at the loan rate.

Will the lender apply extras to principal?

Usually only if instructed. Some hold the money against future instalments instead, which removes the benefit.

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