Mortgage Payoff Date Calculator
This mortgage payoff date calculator shows the monthly payment you would need to clear a mortgage or loan in a number of years you choose. It also shows how much extra that is compared with your regular payment, and roughly how much interest you would save by paying it off sooner.
It is useful if you want to be mortgage free by a certain point, or if you are deciding whether a higher payment fits your budget. Enter the figures below and the results update to show what the change would mean.
Year-by-year schedule
How to use the mortgage payoff date calculator
- Enter the balance left on the loan in pounds.
- Enter the interest rate (APR) as a percentage.
- Enter the number of years left on the loan now.
- Enter the number of years you want to pay it off in.
- Read the monthly payment needed and the extra each month compared with your regular payment.
- Check the interest saved to see what the shorter term would mean over the life of the loan.
The formula
- Payment needed = P × r ÷ (1 − (1 + r) ^ −t), where t is your target in months
- Extra each month = payment needed − your regular payment over the years left
- Each month: interest = balance × annual rate ÷ 12; the rest of the payment reduces the balance
Worked example
The figures below are made up to show the maths. They are not current prices, rates or product figures.
| Balance left on the loan | £250,000.00 |
|---|---|
| Interest rate (APR) | 6.5% |
| Years left on the loan now | 25 years |
| Pay it off in | 15 years |
- Monthly payment needed £2,177.77
- Extra each month £489.75
- Your regular payment £1,688.02
- Interest saved £114,407.06
Tips for an accurate answer
- Use the balance and rate shown on your latest lender statement rather than an estimate.
- Check that the interest rate is the APR your lender uses, as the result depends on it.
- Remember that the calculator assumes the rate stays the same for the whole term.
- Confirm the final figures with your lender or bank before changing your payments, as they may apply their own rules.
- Try a few different payoff periods to compare how the monthly figure and interest saved change.
Questions people ask
How do I use a UK mortgage repayment calculator for this?
Enter your remaining balance, your interest rate as an APR and the number of years you want to pay it off in. The calculator then shows the monthly payment that would clear the loan by that date.
Can I enter the term in years for a mortgage repayment calculator?
Yes, the term is entered in years, and the calculator converts it to months for its working. The result is a monthly payment needed to clear the loan in that time.
What is the simplest way to check my mortgage repayments?
Enter the balance, the interest rate, the years left and the years you want to pay it off in. The calculator shows the monthly payment needed and how much extra that is over your regular payment.
What does this calculator work out?
It works out the monthly payment needed to pay off your loan in the number of years you choose. It also shows the extra that payment would mean compared with your regular payment.
What is the interest saved figure?
It is the difference in total interest between your current term and the shorter term you enter. It helps you see the cost of paying the loan off sooner.
Do I need my exact balance?
Yes, the more accurate the balance, the more accurate the result. Your lender statement is the best source.
Does the calculator assume the interest rate changes?
No. It assumes the rate you enter stays the same for the whole term, so a variable rate may give a different result.
Should I rely on this for a decision?
This calculator is only a piece of maths, not financial advice. Check the figures with your lender or bank before making changes.
Sources
This calculator uses the standard loan and interest formulas above and the numbers you type. It needs no outside figures.
An estimate from the numbers you enter, worked out with the formula shown. It is maths, not financial advice: your lender or bank has the final figures. Page checked 23 Oct 2026. Read the disclaimer