Finance

Mortgage Payoff Calculator

Find how long until a mortgage is paid off.

Calculated Output

Months to payoff (months) 221

Years (years) 18.417

Total interest ($) 130,406.96

Formula: n = −ln(1 − rB/PMT) ÷ ln(1+r)

Step-by-Step Breakdown

1. Values used:

2. Loan balance = 200,000 $

3. Annual interest rate = 6 %

4. Monthly payment = 1,500 $

6. Months to payoff = 221months

7. Years = 18.417years

8. Total interest = 130,406.96$

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The math behind it

months = −ln(1 − r×balance ÷ payment) ÷ ln(1 + r), with r the monthly rate. The payment must exceed the monthly interest.

$200k at 6%, $1,500/mo → ~166 months (13.8 yr).

Payment too low?

If it's below the monthly interest, the loan never pays off.