Why this site exists
Most loan calculators stop at the monthly payment. The questions that come next are harder. How much does an extra $200 a month really save? When will my car loan actually be paid off? Is a biweekly payment program worth its fee? When does PMI finally come off?
The Payoff Date answers those questions one focused calculator at a time. Each one shows its result, the schedule behind it and the method it uses, so you can check the math instead of taking it on trust.
Who runs this site
I'm Gejun, and I build and run The Payoff Date. I have master's degrees in mathematics and statistics, and I build software and work with numbers.
I started this site as a side project to build something useful: free calculators that answer the questions people actually have about paying off a loan, and that show the math behind every answer. I write and test each calculator myself, checking its results against known values and the published rules before it goes live.
My background is in math and software, not lending, so the site sticks to what the numbers show and links to official sources for the rules. If something looks wrong, please let me know. I read every message.
How the calculators work
- Standard amortization. Payments come from the same formula lenders use for fixed-rate loans. Interest is calculated monthly on the remaining balance and rounded to the cent.
- Tested results. Each calculator is checked against a second, independent version of the same math, written in a different programming language with exact decimal arithmetic. The check runs more than a thousand loan scenarios through the calculators and compares the results they show, along with every payment in more than two hundred full schedules, to the cent. The calculators are also checked against known values, such as a $300,000 loan at 6.5% for 30 years having a monthly payment of $1,896.20. The worked examples on each page come straight from the calculators, and the same check confirms every figure in them.
- Stated assumptions. Each page has a "How this calculator works" section that lists what it includes and leaves out, such as taxes and insurance.
- Estimates, not quotes. Servicers round and post payments in slightly different ways, so results are close estimates rather than exact figures for your loan.
Sources we rely on
Rules described on this site come from primary and official sources wherever possible:
- The Consumer Financial Protection Bureau, for PMI cancellation rules under the Homeowners Protection Act.
- Fannie Mae and Freddie Mac servicing guidelines, for PMI removal based on a new appraisal.
- HUD's FHA program rules, for how long FHA mortgage insurance lasts.
Our standards
- Reviewed dates. Every calculator page shows when it was last reviewed. When rules change, we update the page and the date.
- Corrections. If you find an error, please tell us. We check every report and fix confirmed mistakes.
- Advertising. This site is supported by ads, which keep the calculators free. Advertisers don't pay for placement in our content and have no say in how the calculators work. Ads are kept visibly separate from the content.
- Privacy. Calculations run in your browser, and you never need an account to use them. The privacy policy explains what the site and its ad partners collect.
What this site isn't
The Payoff Date is not a lender, broker or financial adviser. We don't offer loans or personal financial advice, and we can't see or change your mortgage. For questions about your own loan, contact your servicer. For free or low-cost guidance, a HUD-approved housing counselor can help.
