Mortgage Payoff Calculator
Monthly Payment = [Loan Amount × (Monthly Interest Rate × (1 + Monthly Interest Rate)^Number of Payments)] ÷ [(1 + Monthly Interest Rate)^Number of Payments – 1]
Where:
• Loan Amount = how much you borrowed
• Monthly Interest Rate = annual interest rate ÷ 12
• Number of Payments = loan term in years × 12
When you add extra payments, those extra dollars go directly toward the principal.
That means each month, you owe less interest — which shortens your overall loan term.
Why Paying Off Early Matters
Making extra payments doesn’t just save you money — it builds equity faster and creates financial freedom sooner.
Key benefits include:
✅ Saving thousands in interest over the life of the loan
✅ Paying off your mortgage years earlier
✅ Reducing your debt-to-income ratio
✅ Increasing home equity faster — ideal if you plan to sell or refinance
Zarro Mortgage Group’s calculator gives you a personalized estimate, using local lending averages and Treasure Coast market insights
Learn About Each Input
Current Loan Balance
The total amount you still owe on your mortgage.
Example: If you started with a $350,000 loan and have paid it down to $275,000, enter $275,000.
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Interest Rate
Your current mortgage interest rate, expressed as an annual percentage.
Example: If your lender charges 5% annually, enter 5.
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Current Monthly Payment
Your regular mortgage payment — not including taxes or insurance.
This is the amount you currently pay toward principal and interest each month.
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Extra Monthly Payment
The amount you plan to add to your mortgage payment each month.
Even $100 extra each month could help you pay off your home 3–5 years faster.
How much faster can I pay off my mortgage with extra payments?
It depends on how much extra you pay each month. Even $100 extra can shorten your loan term by 3–5 years, depending on your balance and rate.
What’s the best way to make extra mortgage payments?
You can make biweekly payments or add a fixed extra principal amount each month. Always specify that the extra goes toward principal.
Can I pay off my mortgage early without penalties?
Most modern loans in Florida don’t have prepayment penalties, but check your loan agreement. Zarro Mortgage Group can help review your terms.
Should I pay off my mortgage early or invest the extra money?
It depends on your goals. Paying off early gives guaranteed savings and peace of mind, while investing may offer higher returns. Our loan advisors can help you weigh both options.
How can I see how much interest I’ll save?
Use our Mortgage Payoff Calculator — it instantly shows your total interest savings and new payoff date when you add extra payments.
Does refinancing help pay off my mortgage faster?
Yes — refinancing to a shorter term or lower rate reduces interest and accelerates payoff. Zarro Mortgage Group offers local refinance options tailored to Treasure Coast homeowners.
How do property taxes and insurance factor into mortgage payoff?
Your extra payments apply only to principal and interest — not escrowed taxes or insurance. But paying off your loan early still reduces your total monthly costs over time.
Buy your next home with a local lender you can trust
Skip the big banks and online gimmicks. With Zarro Mortgage Group, you get real people, real answers, and real results — right here on the Treasure Coast.
We’ll help you get pre-qualified quickly, so you can shop for your dream home with confidence and clarity.