Early Mortgage Payoff Calculator

Savings over time

Enter a year within your term limit to see how extra payments can affect your mortgage balance over time.

Using the loan and extra payment details you entered, we calculateCiti calculates your interest and time savings by comparing the amortization schedule in two scenarios: one with extra payments and the other without. This will show you exactly what you'll save when you make extra payments toward your loan.

Amortization is the process of paying a loan off over time. At first, a larger portion of your monthly payment goes toward paying interest, rather than principal. Making extra payments pays down the principal so that you're accruing interest on a smaller remainder of the loan for the rest of the term. This helps you pay off your loan faster and save you money over the life of your loan.