Mortgage Payoff Calculator
See exactly when your mortgage is paid off — and how much interest you save by paying a little extra each month.
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in interest with your extra payments
Now → payoff
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With extra
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Paid off — sooner
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The power of one extra payment
Why a small monthly extra goes a long way
On a typical 30-year loan, most of your early payments go to interest, not principal. Adding even a small amount of principal-only payment each month flips that math: you cut the balance faster, which cuts the interest charged next month, which frees up more of every future payment to attack principal. The result is a payoff date that arrives years early and a five-figure interest saving on many loans.
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Mortgage payoff FAQ
How do extra payments pay off a mortgage faster?
Every extra dollar goes straight to principal, so you owe less interest every month after. That snowballs — small monthly extras can cut years off a 30-year loan and save tens of thousands in interest.
Is it better to pay extra monthly or one lump sum?
Both help; the math rewards whatever reduces principal soonest. A lump sum today saves the most interest, but a consistent monthly extra is easier to sustain. This calculator lets you model both at once.
Should I pay off my mortgage early or invest instead?
It depends on your mortgage rate versus your expected after-tax investment return, plus your risk tolerance and emergency savings. Paying down a high-rate mortgage is a guaranteed return; investing may earn more but carries risk. Many people do some of both.
Will my lender let me pay extra principal?
Almost always, with no penalty on conventional loans. Mark the extra as "principal only" so it isn't applied to future interest. Check your servicer's instructions.
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