About the editor
The person responsible for this site
I build small, focused web tools. I made this calculator after trying to work out what an extra $200 a month would really do to my own mortgage and finding that most calculators either hid the assumptions or pushed me toward a lender. Every formula used here is published in full on the methodology page so anyone can check it.
To be explicit about what this is and is not: I am not a licensed mortgage professional, a financial adviser or a tax adviser, and nothing on this site is personal advice. What I can be accountable for is the arithmetic — every formula, assumption and exclusion is written out on the methodology page, including a worked example you can check by hand, so you never have to take a number here on trust.
How this calculator is maintained
Every formula is published in full on the methodology page, including a worked example you can verify by hand. The engine is reviewed whenever a rule that affects it changes — the PMI thresholds set by the Homeowners Protection Act, the treatment of the mortgage interest deduction, or typical lender practice on recasting. The date of the last review is shown on the calculator and at the bottom of each page.
Corrections are welcome and taken seriously. If a number here does not match your servicer's, write to us with the inputs you used; if the calculator is wrong we will fix it and note the change.
Independence and how this site makes money
PayoffLab is independent. It is not a lender, a mortgage broker, a servicer, a loan originator or an affiliate of any of them, and it does not participate in credit intermediation of any kind. There is no lead form, no “get quotes” button, no rate table and no arrangement under which anyone pays for your contact details — because your contact details are never collected.
The site is funded by display advertising in clearly marked slots. Advertisers have no influence over the calculations, the methodology or the editorial content, and no advertiser is given access to visitor data, because the site collects none.
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