Already have a mortgage? See what it takes to pay it off sooner, or what a payment holiday actually costs you — then compare your options side by side.
Built for the US mortgage market, where an outstanding balance, a payment holiday (sometimes called forbearance), and PMI are everyday realities that most calculators don't handle well. This tool starts from the mortgage you already have — outstanding balance, rate, and remaining tenure — and lets you explore two things most calculators skip entirely: exactly what it takes to pay it off early, and exactly what a payment holiday actually costs you in real dollars, not a vague "your tenure extends."
Section A also accepts property tax, home insurance, PMI, and HOA fees, all optional. These are shown as part of your total monthly housing payment for reference — but they're deliberately kept out of every payoff and holiday calculation below, since PMI and HOA are insurance and association fees, not part of paying down your loan principal. Only the principal-and-interest payment drives the payoff math.
A one-time lump sum, shown two ways at once: keep your payment the same and finish sooner, or lower your payment and keep roughly your original payoff date (what some US lenders call a "recast"). Extra every month adds a fixed amount to your payment from today onward. Annual lump sum applies a fixed amount once a year, every year, until the loan clears. Target payoff lets you name the year you want to be done, and calculates the higher payment that requires.
Enter how many months you'd pause payments and when it starts. Interest keeps accruing on your balance every single month of the holiday, exactly as a real lender would apply it — this tool never pretends a holiday is free. Afterward, you choose: Same payment after keeps your monthly payment unchanged and pushes your payoff date further out instead, or Same payoff date after keeps your original finish date and raises your payment to make up the gap. Either way, the exact extra interest cost is shown as one clear number.
Olivia has an outstanding mortgage balance of 350,000, at a 6.5% rate, with 25 years (300 months) remaining. Her property tax runs 4,200 a year, home insurance 1,200 a year, and PMI costs her 120 a month.
| Base mortgage | Amount |
|---|---|
| Monthly principal & interest | 2,363 |
| Total housing payment (P&I + tax + insurance + PMI) | 2,933 |
| Remaining interest (if unchanged) | 358,968 |
Payoff — extra 300 a month:
| Figure | Amount |
|---|---|
| New payment (P&I) | 2,663 |
| New payoff | 231 months (69 months sooner) |
| Interest saved | 93,763 |
Just 300 extra a month — roughly 10% more than her current payment — cuts nearly 6 years off her mortgage and saves almost 94,000 in interest.
Holiday instead — 3 months off, starting at month 6, keeping her payment the same after:
| Figure | Amount |
|---|---|
| Interest accrued during the holiday | 5,672 |
| New payoff date | 316 months (16 months later) |
| Extra interest cost | 28,765 |
A 3-month pause sounds small, but it adds nearly 16 months to Olivia's mortgage and costs almost 29,000 in extra interest — interest kept compounding on her full balance the entire time she wasn't paying, and that snowballs over the rest of the loan's life.
Once you've calculated more than one option, a comparison table lines them up side by side — payment, payoff time, total interest, and interest impact for every scenario you've tried. Tap any row to expand the exact numbers you entered for it. Every mode also has its own year-by-year amortization schedule available on request.
Disclaimer: Interest compounds monthly throughout, including during a holiday. PMI is assumed constant for your full tenure — this tool doesn't model automatic PMI cancellation once your balance drops below 80% loan-to-value, since lender policies vary. The rate you enter is assumed to stay fixed for the whole term; it doesn't model rate resets. This tool is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Results are hypothetical estimates based on your inputs and do not guarantee future performance. Consult a qualified professional before making financial decisions; we accept no liability for losses arising from use of this calculator. This tool may make mistakes — please verify all results independently.