FAQ
How MortMetrix tracks your mortgage, from automatic monthly payments and extra payments to your payoff date, amortization schedule, home equity and PMI removal. Free, and no bank login required.
MortMetrix is a free mortgage tracker and payoff calculator for US homeowners. You enter your loan once, and MortMetrix fills in your regular monthly payments automatically. Add extra payments one at a time or on an automatic weekly or monthly schedule. After every payment, it updates your balance, equity, projected payoff date and interest saved, and shows when PMI is expected to drop off. The Tools page lets you test extra monthly payments, a lump sum or a target payoff date before you commit.
Both. Like a mortgage payoff calculator, it shows how extra payments change your payoff date and total interest. Unlike a one-time calculator, it keeps your loan on file and tracks the payments you actually make. Your numbers reflect where your mortgage really stands today, not just your original loan terms.
Yes. MortMetrix is free. Create a free account to save your mortgage, log payments and track your progress over time.
MortMetrix is for US homeowners who want to see real progress on paying off their mortgage. It's most useful if you:
Setup takes six short steps. Everything you need is on your closing documents or latest mortgage statement:
Your loan type comes first, so MortMetrix can tell you whether your down payment means you'll pay mortgage insurance under that program's rules.
If you've already made extra payments, add them after setup, one at a time or with an automatic plan that starts in the past.
MortMetrix supports US fixed-rate and adjustable-rate (ARM) mortgages, including 30-year and 15-year loans. It works with Conventional, FHA, VA, USDA and Jumbo loans, and uses your loan program to apply the right mortgage insurance rules, such as FHA's MIP instead of PMI. Mortgages outside the US aren't supported.
Yes. Add each mortgage separately, such as your primary residence and a rental, and switch between them from the sidebar.
Your dashboard is a one-screen view of where your mortgage stands today:
Every number updates as soon as a payment is logged, including extra payments MortMetrix logs for you automatically.
MortMetrix builds your original amortization schedule from your loan terms, then applies every payment you've logged, including extra principal. Each extra payment lowers your balance, so less interest builds up and the loan finishes sooner. Your projected payoff date is when that updated schedule reaches zero, shown next to your original payoff date so you can see the difference.
MortMetrix compares two versions of your loan: the original schedule from your loan terms, and the schedule based on the payments you've actually made. The gap in interest is your interest saved, and the gap in payoff dates is how many months ahead of schedule you are. When your savings reach a milestone, a banner on your dashboard calls it out.
Yes. The Amortization page shows your schedule payment by payment in three views: original schedule, remaining schedule, and original vs accelerated, which compares the balance you were scheduled to have with the balance you've actually paid down. A chart plots your original, actual and projected balance. Future rows are projections from today and assume no more extra payments.
Yes. You don't log your regular payment. MortMetrix adds your scheduled monthly payment on each due date and splits it into principal, interest, PMI and property tax, so your balance and payoff date stay current. If you paid on a different day, you can edit the date in Payment History.
Click Log Extra Payment and choose how to add it:
Either way, the extra goes straight to principal, and your balance, payoff date and interest saved update right away.
Yes. Set up an automatic plan with an amount, how often it repeats, a start date and an optional end date. MortMetrix adds the payment on schedule until the end date, or until your loan is paid off if you leave it open. Each plan's amount is fixed, so to pay a different amount, add a new plan.
MortMetrix records your extra payments but doesn't move any money, so set up the matching payment with your servicer too.
Yes. Log each one as a one-time extra payment with the date it was applied. If you've been paying the same extra amount on a regular schedule, start an automatic plan on the date you began, and MortMetrix fills in every payment since then in one step. Plans can start as early as your loan's first payment.
Yes. In Payment History, you can edit or delete any extra payment and change the date of a scheduled payment. Your balance, payoff date and interest saved recalculate right away.
Yes. Payment History shows your total principal, interest and extra principal paid to date. It lists every payment with its date, its type (scheduled or extra) and how it split between principal, interest, PMI and property tax. You can filter the list by payment type.
Open Tools and use Add to Your Monthly Payment. Pick an extra monthly amount, from $10 up to $8,000. MortMetrix shows how much interest you'd save, how many fewer payments you'd make and the month your loan would end. It starts from your actual balance today, including extra payments you've already made, not your original loan terms.
Yes. Use Pay a Lump Sum on the Tools page. Enter an amount, and MortMetrix shows the interest you'd save, how many fewer payments you'd make, your new payoff month and how much your home equity would grow.
Use Estimate Payoff on the Tools page, or Pick a target date on your dashboard. Choose the month you want to be mortgage-free, and MortMetrix shows two ways to get there: the extra amount to add to each monthly payment, or the one-time payment you'd need to make today.
Yes. If your loan still has PMI, the Tools page shows Manage Mortgage Insurance, with how much PMI adds to your monthly payment. Pick the month you want PMI gone, and MortMetrix shows two ways to get there: the extra amount to add each month, or a one-time payment today. If your target month is after your projected drop date, you're already on track and don't need to pay anything extra. Once PMI is removed, the tool no longer appears.
Your dashboard's Payment Habit card works it out for you. It averages your extra payments over the last 3 months and shows when you'd finish and how much more interest you'd save if you keep that pace. Tap +$50, +$100, +$250 or +$500 a month to see how a change would play out, or try your own amount.
No. The tools are estimates for planning. Your dashboard, payment history and payoff date only change when you log an extra payment or set up an automatic plan. Results use your current interest rate, so on an adjustable-rate loan they can change when your rate resets.
MortMetrix runs your loan forward month by month, including every extra payment you've logged, and finds when your balance falls below 80% of your home's purchase price. That's the point where most conventional loans let you ask to cancel PMI. Your dashboard shows your monthly PMI cost and estimated drop date, and the date moves earlier each time you pay extra.
Usually, yes. Reaching 80% doesn't cancel PMI on its own. You generally need to ask your servicer in writing, be current on your payments, and sometimes show your home hasn't lost value. If you don't ask, PMI ends automatically once your balance is scheduled to reach 78% of the original value. When MortMetrix shows PMI as removed, that's your cue to contact your servicer.
Your PMI card switches to show how much earlier your extra payments cleared PMI, how much PMI you saved, what you paid in PMI to date, the month it was removed and the monthly amount you no longer pay. It also offers a shortcut to keep paying that amount toward principal, so the money keeps shortening your loan.
Equity is your home's value minus what you still owe. MortMetrix uses the home price you entered at setup, subtracts your remaining principal, and shows the result in dollars and as a percentage, next to what the bank still owns. Your loan-to-value ratio is in your loan details. Because it's based on your home price at setup, it shows the equity you've built by paying down your loan, not changes in your home's market value.
Every extra dollar you put toward principal adds a dollar of equity right away. Your balance is also lower, so more of each future payment goes to principal. To see the effect before you pay, use Pay a Lump Sum on the Tools page, which shows your new equity in dollars and as a percentage.
Yes. Open Edit Loan Details to change your home price, down payment, interest rate, loan term, payment frequency, first payment date, property tax, PMI or rate type, or to give the loan a nickname. Use your first payment date, not your closing date. To remove a mortgage, go to Settings, then My Mortgages, and delete it.
MortMetrix regenerates your loan from the new details. Your scheduled payments, amortization schedule, payoff date, interest saved and equity all update to match. Your monthly PMI is recalculated from your new rate and term unless you've entered your own amount. If your rate changed partway through an adjustable-rate loan, add a rate change instead, so your earlier payments keep the rate they were made at.
Set your rate type to adjustable, such as a 5/1 ARM. When your rate resets, add the new rate and the date it takes effect. MortMetrix keeps your earlier payments at the old rate and recalculates everything from that date forward, so your payoff date, interest and equity follow your actual rate history.
Small differences can happen. Your servicer may calculate interest daily, round differently, post payments on a different day, or include escrow items and fees MortMetrix doesn't track. Most gaps close once your payment dates and extra payments in MortMetrix match your statement. If something still looks off, send us the details through our contact form and we'll work with you to get your numbers right. Your servicer's statement is the official record for your loan, including any payoff quote.
No. MortMetrix never asks for a bank or servicer login, and it never moves money. You enter your loan details once, MortMetrix fills in your scheduled payments from them, and you keep paying your servicer as usual.
Your loan details are stored in your account and used to run your calculations. See our Privacy Policy for how your data is handled.
No. MortMetrix shows the math behind your mortgage and what extra payments could do, but it doesn't know your full financial picture, such as your savings, other debts or retirement goals. For advice on whether to pay extra, invest or refinance, talk to a qualified financial professional.
Send us the details and we'll get back to you. Or add your mortgage and see your own numbers in a few minutes.