Mortgage Payoff Calculator
Discover how extra payments can save you thousands in interest and help you pay off your mortgage years earlier. Calculate the impact of additional payments on your existing mortgage.
Whether you're considering extra monthly payments, annual lump sums, or switching to biweekly payments, our mortgage payoff calculator shows you exactly how much time and money you can save. Even small additional payments can make a dramatic difference in your total interest costs and payoff timeline. Use this tool to create a personalized mortgage payoff strategy that fits your budget and financial goals.
Current Mortgage Details
Extra Payment Options
Additional amount paid toward principal each month
Extra payment made once per year (e.g., tax refund, bonus)
One-time extra payment applied immediately
Pay half the monthly amount every two weeks (26 payments/year = 13 months)
Payoff Analysis
Current Payment Plan
With Extra Payments
💰 Your Savings
Mortgage Payoff Strategies That Work
🎯 Extra Payment Methods
- • Monthly Extra: Most consistent approach
- • Annual Payments: Use tax refunds or bonuses
- • Windfalls: Apply inheritance, gifts, raises
- • Biweekly Schedule: Automatic extra month yearly
- • Round Up: Pay $1,550 instead of $1,487
⚡ Quick Impact Strategies
- • $100/month: Can save 4-6 years typically
- • $50/month: Still saves 2-3 years
- • 13th payment: Biweekly = 4-6 years saved
- • Recast option: Lower payments after lump sum
- • Principal only: Specify extra goes to principal
🧠 Smart Considerations
- • Emergency fund first: 3-6 months expenses
- • High-interest debt: Pay credit cards first
- • 401k match: Don't miss free money
- • Tax deductions: Mortgage interest benefit
- • Investment returns: Compare to stock market
🚀 The Power of Extra Payments
Why extra payments are so powerful: Every dollar of extra payment goes directly to principal, immediately reducing the balance that future interest is calculated on.
- • Compound Effect: Savings accelerate over time
- • Guaranteed Return: Equal to your interest rate
- • Build Equity: Own more of your home faster
Real Example: On a $300,000 mortgage at 6.5% with 25 years remaining, just $500 extra monthly saves approximately $122,000 in interest and 7+ years.
Start small: Even $25-50 extra monthly makes a meaningful difference. You can always increase payments as your income grows.