Mortgages & MoneyLive

Mortgage Payoff Calculator

Want the mortgage gone in 10 years instead of 22? See exactly what monthly payment that requires.

Short answer

To pay off a mortgage faster, calculate the standard monthly payment for the shorter term — the difference is your required overpayment.

Your mortgage

Outstanding balance

Interest rate

Current years remaining

Target payoff (years)

Fill in the fields above to see your result instantly.

How it works

The required monthly payment is calculated using the standard amortising formula M = P × r / (1 − (1+r)⁻ⁿ), with n set to your target months. The difference vs your current payment is the overpayment you need.

Worked example

£180k at 4.5%, current 22yrs left (£1,074/mo). To clear in 10 years: pay £1,866/mo — £792/mo extra, saves ~£70,000 interest.

Who should use this

•Pre-retirees wanting to be mortgage-free
•Anyone with new income (promotion, inheritance) wanting to accelerate payoff
•Comparing payoff scenarios

Common mistakes

×Picking an unrealistic target — modeling helps but emergency fund first
×Forgetting overpayment caps and ERCs
×Tying up cash you'll need for other goals

Frequently asked questions

Is paying off the mortgage early worth it?▾

It's a guaranteed return equal to your mortgage rate. Compare to alternative uses (pension matching, ISA, debt clearance).

Related calculators

Mortgage with Extra Payments →Bi-Weekly Mortgage →Mortgage Repayment →