Mortgage Payoff Calculator
See how much faster your mortgage is gone, and how much interest you save, when you add a little to each monthly payment.
- Free
- No sign-up
Enter your balance, rate and years left to see the payoff.
Worked example
With these example inputs:
- Mortgage balance$300,000
- Interest rate6.5%
- Years left30 yr
Monthly payment: $2,146
- Loan amount$300,000
- Total interest$262,297
- Total of payments$562,297
- Payoff time21 yr 10 mo
- Interest saved$120,337
- Time saved8 yr 2 mo
Frequently asked questions
How do extra payments pay off a mortgage faster?
Every extra dollar goes straight to principal, which removes all the future interest on that amount. Even a small monthly extra can cut years off the term.
Is it better to pay extra or invest?
It depends on your mortgage rate versus your expected after-tax return. Paying down a high-rate mortgage is a guaranteed return equal to the rate.
Where should extra payments be applied?
Toward the principal. Confirm with the lender so it is not held as a prepaid future payment.
Are there penalties for paying off early?
Some loans charge a prepayment penalty, so check your terms before making large extra payments.
Does paying off my mortgage early always make sense?
Not if it drains your emergency fund or you have higher-interest debt to clear first.