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Mortgage Equity & Payoff Calculator

See exactly where your mortgage stands today, then find out if paying it down faster, refinancing, or investing instead actually pays off.

Saves your inputs, results, and chart above.
Your mortgage
Original loan amount
Original interest rate
Original term
Loan start date
Original home priceWhat you paid when you got the loan — used for your down payment and the legal PMI-removal basis
Current home valueToday's estimated value — used for your equity and loan-to-value

Your loan, today

7% of your original loan paid off
Current balance
?

What you still owe on the loan today — the original amount minus every dollar of principal paid so far.

$372,936
Equity
?

Your current home value minus your current balance — the share of the home you actually own outright, based on today's estimated value.

$72,064
Loan-to-value
?

Your current balance divided by your current home value. Lower is better — most refinance offers and PMI decisions hinge on this number.

84%
Interest paid to date
?

Total interest paid since your loan's start date, based on your original schedule. If you've made extra payments since then, your real total is lower than this.

$132,217
Interest remaining, if nothing changes
?

Total interest you'd still pay over the rest of the loan at the standard payment — before any extra payments, biweekly, or lump sums modeled below.

$377,961
Original down payment
?

What you put down at closing — your original home price minus your original loan amount. This is a fixed, historical fact from when you got the loan, unlike the other numbers here, which reflect today.

$45,000
Credit tier, for a PMI estimate
?

Actual PMI depends on your specific mortgage insurer and coverage level — this is a rough estimate, typically 0.46%–1.5% of your balance per year, with real premiums varying 4-6x across the credit spectrum. Eligibility is based on your original home value, not today's — that's the legal basis under the Homeowners Protection Act.

Estimated PMI: ~$249/mo. Eligible to request removal at 20% equity in about 2 yr 3 mo. Automatic termination happens later, at 22% equity, if you don't request it sooner.

Extra payments
?

Every extra dollar here goes straight to principal, on top of your regular payment.

Extra fixed amount, every month
One-time lump sum
Recurring annual lump sumE.g. a tax refund, applied every year

Your plan vs. the standard schedule

Interest saved
$38,821
Paid off earlier by
2 yr 2 mo

Extra payment vs. investing the difference

Is refinancing worth it?

Check today's average rates (Freddie Mac PMMS) →
New rate you're offered
New term
Closing costs
New payment vs. current
$2,296 vs. $2,528
Saves $232/mo
Break-even on closing costs
1 yr 10 mo
Lifetime interest difference
Costs $75,746 over the life of the loan

Comparing new-loan terms, at the rate above

30-year
$2,296/mo
$453,707 total interest
20-year
$2,726/mo
$281,278 total interest
15-year
$3,198/mo
$202,639 total interest

Same new rate used across all three for a clean comparison — real-world short-term rates are often a bit lower (roughly 6.0–6.2% for 15-year vs. 6.7–6.8% for 30-year as of September 2026), so a real 15-year quote would look even better than shown here.

How this works

  1. 1Tell it what you know. Know your original loan (amount, rate, term, start date)? We reconstruct your current balance, interest paid to date, and equity from it. Only know your balance today? Enter that directly instead — either way works.
  2. 2See where you actually stand. Current balance, equity, loan-to-value, interest paid so far, interest remaining if nothing changes, and an estimated PMI cost if it applies — the facts, not just a projection.
  3. 3Model extra payments. Biweekly, a flat extra amount every month, a one-time lump sum, or a recurring annual lump sum — combine as many as apply.
  4. 4See the real tradeoff, if you want it. Every mortgage calculator will tell you extra payments save interest. This one can also show what investing that same money instead would be worth, dollar for dollar, at your own return assumption — tucked behind its own section so it doesn't get in the way if you just want the basics.
  5. 5Check refinancing separately. A dedicated break-even calculator — closing costs ÷ monthly savings — plus a term comparison for whatever new rate you're offered.

What this doesn't account for

  • • Mortgage interest tax deductibility, or capital gains tax on investment growth.
  • • Your PMI estimate is a rough range, not your actual premium — property tax and insurance escrow aren't modeled at all.
  • • Home value appreciation, and a constant investment return rather than real market volatility.
  • • If you've made extra payments in the past, the “know my original loan” path won't reflect them — enter your current balance directly instead for an accurate starting point.

Questions

Why does it ask if I know my original loan vs. just my current balance?

Almost everyone using this already has a mortgage in progress, not a hypothetical new one. If you know your original loan amount, rate, term, and start date, we can reconstruct real history — interest paid to date, principal paid to date, percent paid off — by simulating your original schedule forward to today. That reconstruction assumes no extra payments were made along the way; if you've already paid extra, your real balance will be lower than what it predicts, so it's worth double-checking against a recent statement. If you don't know (or don't trust) your original numbers, entering your current balance, rate, and remaining term directly skips the history and goes straight to forward-looking math instead.

Why are there two home value fields — original and current?

They answer different questions, and conflating them gives wrong numbers either way. Your down payment and PMI-removal eligibility are legally based on your home's original purchase price (the Homeowners Protection Act uses original value, not today's), while your real equity and loan-to-value should reflect what your home is actually worth today. If your home has appreciated, using one number for both would understate your current equity or misstate your down payment — so this calculator asks for both and uses each one only where it's actually correct.

How accurate is the PMI estimate?

It's a range, not a precise number — actual PMI depends on your specific mortgage insurer and coverage level, which this calculator has no way to know. Real premiums typically run 0.46%–1.5% of your loan balance per year, and can vary 4-6x across the credit spectrum for the same loan-to-value. The credit-tier selector picks a representative rate from that range; treat the dollar figure as a ballpark, not your actual bill.

Is a biweekly payment plan worth paying a company for?

No. A biweekly plan just means 26 half-payments a year instead of 12 full ones — 13 monthly-equivalent payments instead of 12, one extra payment a year applied to principal. You can do this yourself for free by adding 1/12 of your payment to every monthly payment. Some third-party "biweekly payment programs" charge $500–$1,000 in setup and annual fees for exactly this — the CFPB has taken enforcement action against at least one company for it.

Should I pay extra toward my mortgage or invest instead?

It depends entirely on your expected investment return versus your mortgage rate — there's no universal right answer. At a 0% investment return, paying down the mortgage always wins (it's a guaranteed return equal to your interest rate). At a higher expected return, investing can pull ahead over time. The calculator's "Extra payment vs. investing" section computes your specific breakeven, using the same total monthly cash in both strategies for a fair comparison.

What happens to PMI once I reach 20% equity?

It isn't removed automatically at 20% — under the Homeowners Protection Act, you're eligible to request cancellation once your balance drops to 80% of your home's original value, but you typically have to ask in writing. Automatic termination only kicks in later, at 78% of original value.

What's the difference between recasting and refinancing?

Recasting applies a lump sum to your existing loan and re-amortizes the remaining balance at a lower payment — same rate, same payoff date, usually a few hundred dollars in fees, no new credit check or closing costs. Refinancing replaces the loan entirely, which can get you a better rate but comes with full closing costs. If you already have a good rate and just want a lower payment after a lump sum, ask your servicer about recasting before assuming you need to refinance.

Is this financial advice?

No. This doesn't model mortgage interest tax deductibility, capital gains tax on investment growth, property tax or insurance escrow, or home value appreciation — and it assumes a constant investment return rather than real market volatility. The PMI estimate is a rough range, not your actual premium. It isn't personalized financial, tax, or legal advice. See our Terms of Use.

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