Mortgage Payoff Calculator
See exactly how much time and interest you can save by paying extra toward your mortgage principal, whether monthly, as a one-time lump sum, or through biweekly payments.
Quick Answer
Adding $200/month extra to a $320,000 mortgage at 6.5% pays it off about 6.1 years early and saves roughly $88,000 in interest.
Your Mortgage
Extra Payment Strategy
Time Saved
6.1 years
Interest Saved
$88,000
New Payoff Date
Mar 2047
Original Payoff Date
Jul 2053
New Monthly Payment
$2,358
Total Interest (with extra payments)
$334,000
Payoff Schedule Comparison
Yearly view| Year | Principal Paid | Interest Paid | Balance |
|---|
What Is a Mortgage Payoff Calculator?
A mortgage payoff calculator shows how extra payments toward your loan principal shorten your payoff timeline and reduce total interest paid. Even modest extra monthly payments can save tens of thousands of dollars over the life of a loan, since every extra dollar of principal reduces the interest charged for the rest of the term.
Ways to Pay Off Your Mortgage Early
| Strategy | How It Works |
|---|---|
| Extra Monthly Payment | Add a fixed amount to each monthly payment, applied to principal |
| One-Time Lump Sum | Apply a bonus, tax refund, or windfall directly to principal |
| Biweekly Payments | Pay half your monthly payment every two weeks, resulting in one extra full payment per year |
How to Use This Calculator
- Enter your current loan balance, rate, and years remaining.
- Enter an extra monthly payment amount, if any.
- Add a one-time extra payment, if applicable.
- Toggle biweekly payments to see that strategy's impact.
- Compare your new payoff date against the original schedule.
Frequently Asked Questions
Does my lender charge a fee for early mortgage payoff?
Most modern mortgages don't have prepayment penalties, but some loans do, especially certain non-conforming products. Check your loan documents or ask your lender before making large extra payments.
Is it better to pay off my mortgage early or invest the money?
It depends on your mortgage rate versus expected investment returns, risk tolerance, and other financial goals. A guaranteed "return" from payoff savings can appeal to risk-averse borrowers, while others prefer investing if returns are likely to exceed the mortgage rate.
How much can I save by switching to biweekly payments?
Biweekly payments result in 26 half-payments per year, equal to 13 full monthly payments instead of 12, which typically shaves several years off a 30-year mortgage.